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2023 (9) TMI 1383 - AT - Insolvency and BankruptcyRejection of application for extension of 60 days’ time from the date of expiry of CIRP for allowing the CoC to consider and vote upon approval of Resolution Plan - rejection on the ground that Appellate Tribunal can only extend the same - rejection also on the ground that Appellant before the Hon’ble Supreme Court was granted liberty of such extension and it cannot be granted to Resolution professional now. HELD THAT:- This Tribunal by its order passed in GOVIND PRASAD TODI, SIDDHARTHA TODI VERSUS SATYA NARAYAN GUDDETI (LIQUIDATOR/ ERSTWHILE RESOLUTION PROFESSIONAL OF AJANTA OFFSET & PACKAGING LIMITED) , CANARA BANK, CORPORATION BANK, STATE BANK OF INDIA, EXIM BANK, TODI INVESTORS (INDIA) PVT. LTD., VINAYAK DEALERS PVT. LTD., SOUTH CITY PROJECTS (KOLKATA) LTD., EDCL INFRASTRUCTURE LTD., AMRITVANI EXIM PVT. LTD. [2023 (2) TMI 486 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] has extended the CIRP for a period of 90 days which order was challenged by Govind Prasad Todi and Siddhartha Todi before the Hon’ble Supreme Court in GOVIND PRASAD TODI & ANR. VERSUS SATYA NARAYAN GUDDETI & ORS. [2023 (3) TMI 1407 - SC ORDER], where the Hon’ble Supreme Court held After arguing the matter for some time, the learned senior counsel appearing for the appellants seeks leave to withdraw this appeal with a liberty that if occasion arises, he may be permitted to apply for extension of time. The liberty was granted by the Hon’ble Supreme Court to apply for extension of time. Extension of time in the CIRP has to be applied by the Resolution Professional who is the official conducting the CIRP and further when CoC has instructed the Resolution Professional to seek extension of 60 days, the application could not have been rejected only on the ground that Govind Prasad Todi and Siddhartha Todi who were granted liberty, who have not filed the application. The liberty was granted to Govind Prasad Todi and Siddhartha Todi to also file application for extension but the order of the Hon’ble Supreme Court does not precluded the Resolution Professional to make application for extension of time. In the facts of the present case, when in the CIRP plans have already been received which have to be voted upon, the ends of justice shall be served in extending the period of CIRP for 60 days. Appeal allowed.
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