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2021 (6) TMI 324 - Tri - Insolvency and BankruptcySeeking extension of time period for completion of the Corporate Insolvency Resolution Process - only a short period of time left for CIRP process - HELD THAT:- It is almost as if the CoC and the resolution applicant are both under an impression that just because resolution is preferable over liquidation, and the resolution applicant is a State entity, any number of exclusions will be granted just for the asking. Granting the present request (for exclusion upto 15.06.2021) will mean that the CIRP has carried on for a period of 483 days beyond the outer limit of 330 days from the scheduled close on 19.02.2020 (upon completion of 330 days in terms of the second proviso to section 12(3) of the Code) - This sleight of hand in breaching the CIRP timeframe more than a year beyond the maximum period of 330 days for the completion of the process, but somehow fitting it into the legal time frame through the device of exclusions must be called out. A well-meaning stratagem devised by the Hon'ble Supreme Court in COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] declaring that if, on the facts of a given case, it can be shown to the Adjudicating Authority or the Appellate Authority under the Code that only a short period of time is left for completion of the insolvency resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation, it may be open in such cases for the Adjudicating Authority to extend time beyond 330 days, is being misused time and again to cover up the tardy process of completion of CIRP. The prayer for extension of the CIRP from 01.05.2021 till 30.06.2021, for completion of the Corporate Insolvency Resolution Process of the Corporate Debtor is granted - it is also directed that a copy of this order be sent to the Chairman & Managing Director of NTPC Limited, and also to the Chief General Managers of the individual members who are banks, and to the Managing Directors of the other entities constituting the Committee of Creditors to enable them to have a hard look at the snail's pace at which the CIRP is progressing - application allowed.
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