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2021 (10) TMI 814 - Tri - Insolvency and BankruptcySeeking exclusion of time period from CIRP - section 12(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the facts of the present case, it is to be noted that this Tribunal already vide its order dated 16.04.2021, has granted exclusion of lockdown period starting from 25.03.2020 to 31.12.2020. However, the present application has been moved by the Applicant seeking further exclusion of the lockdown period from 10.05.2021 to 14.06.2021 - From the facts narrated, it is seen that the Resolution Plan is under consideration before the CoC members and as such it becomes necessary to extend the period of CIRP in order for the CoC to consider the Resolution Plan. It is also seen that the CoC is pondering on the Resolution submitted by the prospective Resolution Applicant as early as on 03.03.2021 and is yet to take a final call in relation to the same. Keeping in mind the facts of the present case and further in view of Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, we hereby grant exclusion of CIRP period from 10.05.2021 till 14.06.2021 and also extend the CIRP period by 60 days from 17.06.2021 (total of 95 days). Therefore, the CIRP period in relation to the Corporate Debtor will come to an end on 20.09.2021. Application allowed.
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