9911796707
TMI Blog2018 (3) TMI 1605X X X X Extracts X X X X X X X X Extracts X X X X ..... For Appellant : Mr. Milan Singh Negi and Mr. Nishant Piyush,Advocates For The Respondent: Mr. Prakash Chandra Jain, Advocate, Ms. Ishita Chakrabarti, Advocate, Mr. Jogendra Singh, Advocate ORDER This appeal has been preferred by the Resolution Professional against order dated 9th January, 2018 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai whereby an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant - Resolution Professional and submitted that the Committee of Creditors, decided by resolution dated 6th December, 2017 and requested the Resolution Professional to file an application for extension of time under sub-section (2) of Section 12, which was filed on 15th December, 2017 i.e. 2 days after 180 days. In fact 180th day completed on 13th December, 2017. Reliance has been placed on d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of seventy-five per cent of the voting shares. (3) On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the subject matter of the case is such that corporate insolvency resolution process cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in 180 days. If within 180 days including the last day i.e. 180th day, a resolution is passed by the committee of creditors by a majority vote of 75% of the voting shares, instructing the resolution professional to file an application for 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. The appeal is allowed with the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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