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2021 (6) TMI 350 - Tri - Insolvency and BankruptcyExtension of 4 months over and above the time provided - direction for stay on the Respondent Liquidator against proceedings with the invitation for EOI and accepting EOIs from prospective investors during such additional period of 4 months - HELD THAT:- Once the schedule of general elections is announced by the Election Commission of India, the model code of conduct kicks in and the Government concerned is duty-bound not to take any major policy decisions. The acquisition of shares held by Nicco Corporation Limited in NPRL is indeed a policy decision to be taken at the highest levels of the State Government. For this, it was necessary to have a duly elected government. This process was completed, and the new government was sworn in only on 10.05.2021. The ends of justice will be met if further time of eight weeks is granted as a last opportunity to complete the decision-making process for acquisition of Nicco Corporation Limited's shares in NPRL - application disposed off.
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