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2021 (1) TMI 342 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCHSeeking extension Corporate Insolvency Resolution Process period by 60 days - Section 60(5) of Insolvency & Bankruptcy Code (IBC), 2016, Read with Rule 11 of National Company Law Tribunal Rules, 2016 - HELD THAT:- The Adjudicating Authority already extended CIRP by 90 days as per Section 12 of the Code. It is true the lockdown period due to Covid-19 pandemic is allowed to be excluded from the CIRP. The lockdown started from 25.03.2020 and in the State of Telangana it was extended up to 07.06.2020. Therefore, CIRP of 270 days was expired by 19.06.2020. However, second proviso to Section 12 of IBC allows CIRP to be completed within 330 days. Even though there is no question of another extension, however, by virtue of second proviso to Section 12 of the Code, the CIRP to be completed within 330 days from the insolvency commencement date after exclusion of lockdown period. So, a direction can be given to the Resolution Professional to complete the CIRP within 330 days which will be over by 19.08.2020 after excluding the lockdown period. The Resolution Professional is directed to complete the CIRP by 19.08.2020 relying on second proviso to Section 12 of the Code - application allowed.
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