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2022 (9) TMI 278 - Insolvency & Bankruptcy
Seeking extension of CIRP period by another 60 days beyond the period of 370 days - 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 - HELD THAT:- The judgment passed by Hon’ble supreme Court in the matter of “Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta and Ors. [2019 (11) TMI 731 - SUPREME COURT] has held that the third proviso added to the Section also mandates that where the period of 330 days is over on the date of commencement of the Amending Act of 2019, a further grace period of 90 days from such date is given, within which such process shall either be completed or the corporate debtor be sent into liquidation.
The period of 60 days from today be excluded in the CIRP period and the CoC is directed to consider the Resolution Plan - Further, period spent from 19.02.2021 (date of filing of Application bearing I.A. No. 1005 of 2021) to 31.05.2021 (Impugned Order) is also excluded - Further, period spent from 14.06.2021 [date of filing of instant Appeal i.e. Company Appeal (AT) (Ins.) No. 439 of 2021] till the date of Judgment i.e. 06th September, 2022 is also excluded.