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2020 (12) TMI 1130 - NATIONAL COMPANY LAW TRIBUNAL , AMARAVATI BENCHSeeking extension of time limit for completion of Insolvency Resolution Process of the Corporate Debtor - HELD THAT:- Since there is a possibility of getting a resolution plan and since the CoC members have approved extension of 90 days beyond 180 days with 100% voting majority as required under Sec 12(3) of IBC read with Regulation 40 of CIRP Regulations, 2016, it is humbly submitted that an extension of 90 days be permitted along with exclusion of 115 days on account of lockdown - It is submitted that in view of the aforementioned facts and circumstances, the Hon'ble Adjudicating Authority may be pleased to extend the period of the Corporate Insolvency Resolution Process of the Corporate under Section 12(2) of the IBC 2016 by a further period of 90 days from the date of completion of 180th day i.e. from 4th September 2020 to 3rd December 2020. The extension of CIRP by 90 days is granted and the period of 98 days from March 25,2020 to June 30, 2020 is also considered for being excluded while calculating the number of available days for CIRP calculation.
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