TMI Blog2018 (3) TMI 1605X X X X Extracts X X X X X X X X Extracts X X X X ..... f passing order for liquidation, which is the last recourse to be taken on failure of resolution process. We set aside the impugned order dated 9th January, 2018 and extend the period of resolution process for another 90 days to be counted from today. The period between 181st day and passing of this order shall not be counted for any purpose and is to be excluded for all purpose. Now the Resolution Professional, Committee of Creditors and the Adjudicating Authority will proceed in accordance with law. - Company Appeal (AT) (Insolvency) No. 59 of 2018 - - - Dated:- 5-3-2018 - S.J. Mukhopadhaya And Bansi Lal Bhat, JJ. For Appellant : Mr. Milan Singh Negi and Mr. Nishant Piyush,Advocates For The Respondent: Mr. Prakash Chandra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ision of this Appellate Tribunal in Quantum Limited (Corporate Debtor) vs. Indus Finance Corporation Limited Company Appeal (AT)(Insolvency) No. 35 of 2018 wherein by judgment dated 20th February, 2018, this Appellate Tribunal observed and held as follows: 3. Section 12 prescribes the time limit for completion of insolvency resolution process , which reads as follows: 12. Time-limit for completion of insolvency resolution process - (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process. (2) The resolution professional shall file an application to the Adjudicating A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or extension of period in such case, in the interest of justice and to ensure that the resolution process is completed following all the procedures time should be allowed by the Adjudicating Authority who is empowered to extend such period up to 90 days beyond 180th day. 3. In the present case, the Adjudicating Authority has not hold that the subject matter of the case do not justify to extend the period. It has not been rejected on the ground that the committee of creditors or resolution professional has not justified their performance during the 180 days. In such circumstances, the Adjudicating Authority was required to extend the period of Resolution process to enable the Committee of Creditor to find out whether a suitable resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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