TMI Blog2020 (11) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... cy and Bankruptcy Fund, and matters connected herewith or incidental thereto. An effective legal framework for timely resolution of insolvency and bankruptcy would support development of credit markets and encourage entrepreneurship. It would also improve ease of doing business, and facilitate more investments leading to higher economic growth and development. Looking to the very object of IB Code, CoC desires to get extension of 30 days as there is every likelihood that some Resolution Plan will be accepted and/or approved by the CoC. In that event, a Corporate Debtor - However, the Supreme Court has observed that 330 days is the outer limit within which resolution of the stressed assets of the Corporate Debtor must take place. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he application filed by the State Bank of India i.e. IA 740 of 2019 for replacement present IRP to RP, was allowed by this Bench vide Order dated 20.01.2020 and appointed the Applicant, Mr. Parthiv Parikh. 2.4. It is further stated by the applicant that the period of 180 days expired on 25.02.2020 and thereafter, vide Order dated 24.02.2020, further 90 days beyond 180 days was extended by this Adjudicating Authority. 2.5. It is stated by the applicant that two Resolution Plans have been received by the RP and there is every likelihood for the resolution of the Corporate Debtor, if some time is exempted from CIRP. 2.6. It is further stated by the applicant that 270 days of CIRP expired somewhere in May, during the Lockdown and the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ease of doing business, and facilitate more investments leading to higher economic growth and development. 5. Looking to the very object of IB Code, CoC desires to get extension of 30 days as there is every likelihood that some Resolution Plan will be accepted and/or approved by the CoC. In that event, a Corporate Debtor. 6. However, the Supreme Court has observed that 330 days is the outer limit within which resolution of the stressed assets of the Corporate Debtor must take place. 7. Under the given facts and circumstances as stated above, we feel that if the time is extended within the outer limit of 330 days, there is every likelihood that some Resolution Applicant may succeed for its acceptance and approval. 8. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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