TMI Blog2020 (9) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... is scope for revival of Corporate Debtor and approval of a Resolution Plan, we are of view that exclusion of 21 days ought to be granted. The period of 21 days is excluded from the Corporate Insolvency Resolution Process - application allowed. - TP No. 205/CTB/2019, CP (IB) No. 1664/MB/2017, IA No. 65/CTB/2020 and MA No. 82/CTB/2020 - - - Dated:- 12-3-2020 - Sucharitha R., Member (J) And S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant filed CA No. 77/CTB/2019 for exclusion of 57 days from the Corporate Insolvency Resolution Process and the same was allowed by this Adjudicating Authority vide Order dated 16.01.2020. Hence, the Corporate Insolvency Resolution Process shall end on 14th March, 2020. In CA No. 77/CTB/2019, the applicant had' mentioned that Resolution Plan is under way and there is a possibility of get ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Creditors of Essar .... Vs. Satish Kumar Gupta, bearing Civil Appeal No. 8766-67 of 2019. Thus, while striking off the word mandatorily from Section 12(3) [of the said Code], inserted vide Insolvency and Bankruptcy Code [Amendment Act], 2019, the Hon'ble Apex Court categorically held that the Hon'ble Adjudicating Authorities, if so deem fit may even grant an extension of time for CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity and/or Appellate Tribunal to further extend time keeping the aforesaid parameters in mind. 3. The applicant submits that in Committee of Creditors Meeting held on 04th March, 2020, unanimously decided that the Resolution Professional shall file exclusion of 21 days in the Corporate Insolvency Resolution Process. The extract is produced herein below: - After detailed deliberations an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d good conscience. 5. We considered the submissions and documents filed herein by the Resolution Professional. The applicant is seeking an extension of 21 days in completion of Corporate Insolvency Resolution Process. Since, there is scope for revival of Corporate Debtor and approval of a Resolution Plan, we are of view that exclusion of 21 days ought to be granted. 6. In view of the above ..... X X X X Extracts X X X X X X X X Extracts X X X X
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