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2021 (12) TMI 1372 - NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH, CHENNAISeeking direction to Resolution Professional to make provision in the information memorandum and corresponding resolution plan - HELD THAT:- The EPFO Department has not followed the due process as prescribed under the IBC, 2016. The Supreme Court in the matter of PK. RAMACHANDRAN VERSUS STATE OF KERALA & ANR. [1997 (9) TMI 598 - SUPREME COURT] has held that an essential pre requisite of exercising discretion to condone the delay is that the Court must record its satisfaction that the explanation of delay was either reasonable or satisfactory. Further, in the present case the Applicant is not even aware whether the Company is under Liquidation or under the CIRP. In any case, the insurmountable delay of nearly 936 days cannot be condoned at this belated stage. Application dismissed.
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