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2020 (4) TMI 472 - AT - Insolvency and BankruptcyExtension of time in the ‘Corporate Insolvency Resolution Process’ - third proviso of Section 12 inserted vide Gazette Notification dated 6th August, 2019 - HELD THAT:- Section 12 has been amended which described time limit for completion of ‘Corporate Insolvency Resolution Process’ which has been amended by addition of two more proviso to sub-section (3) of Section 12 which can be stated to be second and third proviso. This has come into force w.e.f. 16th August, 2019 vide SO No. 2953E - In terms of third proviso of sub-section (3) of Section 12, as we find that the ‘Corporate Insolvency Resolution Process’ of the ‘Corporate Debtor’ is pending and has not been completed within the period referred to in the second proviso, we hold that the ‘Corporate Insolvency Resolution Process’ is to be completed within another period of 90 days from the date of commencement of Insolvency & Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019. In view of the fact that the period has been extended for another 90 days in the present case in view of third proviso to sub-section (3) of Section 12, the impugned order is set aside and the ‘Resolution Applicant is allowed to move before the ‘Committee of Creditors’ and ‘Resolution Professional and direct completing of the process within 90 days from the date of commencement of Insolvency & Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019 - Appeal allowed.
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