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2021 (6) TMI 159 - Tri - Insolvency and BankruptcySeeking second extension of 60 days' time period beyond 270 days for completing the CIRP of the corporate debtor and exclusion of 62 days, i. e., July 1, 2020 to August 31, 2020 being the period of lockdown in computing the 330 days CIRP period - HELD THAT:- In this case, the commencement of CIRP was initiated by this Adjudicating Authority vide its order dated November 7, 2019 and period of 180 days got completed on May 4, 2020. However due to outbreak of Covid-19 pandemic and its outfall, the period from March 25, 2020 to June 30, 2020 was excluded vide this Adjudicating Authority's order dated August 25, 2020. In view of the amendments brought in section 12 of the IBC, 2016 with effect from August 16, 2019 the CIRP shall be mandatorily completed within a period of 330 days from the insolvency commencement date including any extension of the period of the CIRP granted under section 12 of the IBC, 2016. Since, the CIRP period of 180 days has already been extended by another 90 days vide this Adjudicating Authority's order dated August 25, 2020 and the period of 270 days came to end on November 10, 2020 we hereby allow to complete the corporate insolvency resolution process within another 60 days with effect from the date of this order - The applicant is hereby directed to take all necessary steps to complete the CIRP within the mandatory period of 330 days, failing which the liquidation proceeding will commence. The permission is granted on having considered the steps already been taken by the RP and the current stage of CIRP in the case of the present corporate debtor, i. e., M/s. Meenakshi Energy Ltd. - Application disposed off.
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