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2021 (8) TMI 10 - Tri - Insolvency and BankruptcyExclusion of period of 60 days from the total period of 90 days granted by the Hon'ble Tribunal, thereby extending the CIRP period upto 24.08.2021 - HELD THAT:- Considering the facts and circumstances as averred by the Applicant and Resolution passed by the Committee of Creditors (COC) for exclusion of 60 days period from the 90 days period granted by this Adjudicating Authority vide its order dated 25.03.2021, we are inclined to allow the instant application as there is a strong possibility of either submission and approval of a Resolution Plan by the COC or withdrawal of application for admission under Section 12A of the Code. The primary objective of the Code is to resolve insolvency of a Corporate Debtor so as to allow it to continue as a going concern. Since as per the averments of the Applicant, the resolution of the Corporate Debtor is imminent, the RP is allowed to complete the CIRP process on or before 24.08.2021, failing which, the RP should submit an application under Section 33 of the Code. Application disposed of.
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