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2021 (3) TMI 1224 - Tri - Insolvency and BankruptcyDirection to hold that CIRP has been dismissed - seeking direction that Interim Resolution Professional shall not act in the CIRP - HELD THAT:- Honble Supreme Court has held in the matter of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] that the CIRP must 'ordinarily" be completed within the time limit of 330 days from the Insolvency Commencement Date unless extended by the Court on sufficient cause. The original Petitioner under Section 7 of the IBC was filed on 21.052018 and the same was admitted on 2308.2019. In the process 986 days and 537 days have passed from the date of filing the application and the admission of the application respectively - It is made dear that this Court is not a Recovery Court and in the name of OTS / acceptance or non-acceptance of OTS, negotiation / failure of commitment / further negotiation, CIRP period has crossed 537 days. In the absence of the clarify from the FC, CD and IRP relating to their stand on the application filed under Section 7 of the IBC, 2016, CIRP after the Judgment of the Hon'ble NCLAT, Writs filed before the Hon’ble High Court and the Hon’ble Supreme Court this Bench is not able to proceed further/ dispose of the matter as the application is filed under IBC and the disposal of the matter needs to be done within the stipulated time. This Tribunal allows the instant Appeal setting aside the impugned order and matter is remanded back to the Adjudicating Authority to pass an order afresh, after providing an opportunity to the opposite party in the light of the directions in the body of the judgment - Appeal allowed by way of remand.
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