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2021 (6) TMI 274 - Tri - Insolvency and BankruptcySeeking extension for 40 days beyond the period of 330 days - Resolution Plan was pending for consideration before the CoC - section 60(5) and section 12 of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The CoC was directed to consider the Resolution Plan within the extended period of time but from the averments made in the application and the submissions made by the Ld. Counsel on behalf the Resolution Professional, it is seen that the Resolution Plan has not been considered by the CoC as yet and on the similar grounds, the extension of another 60 days beyond 370 days of CIRP period has been prayed by the Resolution Professional. That only after considering the submission of the Resolution Professional that a Resolution Plan was pending for consideration before the CoC, we had granted extension for 40 days beyond the period of 330 days. But on the basis of the averments made in the application and submissions made by the Ld. Counsel, it is seen that the Resolution Plan can only be placed before the CoC, once the application for claim of the Indian Overseas Bank is decided by this Adjudicating Authority. Since the applicant through the COC has failed to consider the Resolution Plan pending for consideration within the extended period of 40 days and also could not provide the cogent reasons for not complying with the direction, we are not inclined to extend the CIRP period by another 60 days beyond the period of 370 days. Application dismissed.
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