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TMI Blog2018 (2) TMI 1721X X X X Extracts X X X X X X X X Extracts X X X X ..... 18th December, 2017 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai in C.P. No. 1043/(MAH)/2017. By the impugned order, the Adjudicating Authority has rejected the application for extension of time on the ground that there is no provision to file such application after expiry of 180 days of Corporate Insolvency Resolution Process (CIRP), relevant portion of which reads as follows : "On the application moved by the Resolution Professional, seeking extension of CIRP period for another 90 days as envisaged under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, when this Bench has looked into this application, it has been noticed that this application has been filed on 30.11.2017 on a resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Authority is devoid of jurisdiction to revive the CIRP period already completed by 25.11.2017, i.e. by the time this application has come before this Bench, therefore, we don't find any merit in this application, whereby this application is hereby dismissed." 2. Ms. Varsha Banerjee, learned counsel for the Resolution Professional submits that sub-section (2) of Section 12 do not mandate that the application for extension of the time should be filed before completion of 180 days. It can be filed, if instructed to do so by a resolution passed in a meeting of the committee of creditors by a vote of seventy-five per cent of the voting share, within 180 days. Mr. Vineet Jagtap, advocate has appeared on behalf of 1st respondent and endorse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd eighty days by such further period as it thinks fit, but not exceeding ninety days: Provided that any extension of the period of corporate insolvency resolution process under this section shall not be granted more than once." 4. From sub-section (2) of Section 12, it is clear that resolution professional can file an application to the Adjudicating Authority for extension of the period of the corporate insolvency resolution process, only if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of 75% of the voting shares. The provision does not stipulate that such application is to be filed before the Adjudicating Authority within 180 days. If within 180 days including the last day i.e. 180th d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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