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2018 (1) TMI 1192 - Tri - Insolvency and BankruptcySeek extension of moratorium period of the Corporate Debtor beyond 180 days - Held that:- The object of granting moratorium period is to complete the resolution process but not to defeat the claims of the Operational Creditors and others under the guise of moratorium. Moreover, when the Code prescribes 180 days’ moratorium period, any application seeking extension of the period of 180 days must be filed by the Resolution Professional before the expiry of 180 days. But this application by the Resolution Professional was filed after the expiry of the moratorium period of 180 days. The contention of the applicant that the Committee of Creditors moved an application seeking extension of moratorium period before the expiry of 180 days is not a ground to entertain this application. The observation of this Adjudicating Authority that the Resolution Professional, after his appointment, can file application seeking extension of moratorium period will not absolve the Resolution Professional to seek extension of time before the expiry of the period of 180 days. This application seeking extension of moratorium period, having been filed beyond the period of 180 days, is not maintainable and this Adjudicating Authority is of the considered view that, even otherwise, there are no grounds to extend the period of moratorium. Hence, this application is dismissed.
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