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2022 (2) TMI 742 - AT - Insolvency and BankruptcySeeking extension of CIRP period - appellant has stated that the exclusion of 90 days from the CIRP of the CD would save the company from Liquidation - HELD THAT:- This pandemic has, no doubt, interrupted the normalcy in various activities of ‘Corporate Insolvency Resolution Process - The ‘Resolution Professional’ has received a ‘Resolution Plan’ from a ‘Prospective Resolution Applicant’ which is under scrutiny of Resolution Professional/ Committee of Creditors. If granting of 90 days helps the Corporate Debtor to revive, then the basic objective of the I&B Code, 2016 will be met. Liquidation is the last resort. Hence, this ‘Tribunal’ is of the subjective opinion that no prejudice will be caused in allowing the instant appeal to prevent an aberration of justice and to promote substantial cause of justice. Appeal allowed - decided in favor of appellant.
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