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2018 (2) TMI 885 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Time limit for completion of insolvency resolution process - extension of the CIRP more than 90 days after the completion of 180 days - Held that:- It is settled principle that the proviso cannot be torn apart from the main enactment nor can it be used to nullify by implication what enactment clearly says, nor set at naught the real object of main enactment, unless the words of proviso are such that it is its necessary effect. To support the view, a reference may be made to Maxwell on the “Interpretation of Statues” 10th Edition page 7 states thus “…if the choices is between two interpretations, the narrower of which would fail to achieve the manifest purpose of the legislation, we should avoid a construction which would reduce the legislation to futility and should rather accept the holder construction based on the view that Parliament would legislate only for the purpose of bring about an effective result.” In view of the legal position stated above, the second objection raised by the Counsel for the Operational Creditor stands rejected. Therefore, this Authority is satisfied that the CIRP could not be completed during 180 days plus 30 days in this matter, so there is a requirement to grant extension of CIRP for a further period of sixty days. Hence, the CIRP period in relation to the Corporate Debtor, viz., M/s. Forward Shoes (India), private Limited, is hereby extended for a further period of 60 days w.e.f. 15.01.2018 onwards.
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