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TMI Blog2019 (6) TMI 1561X X X X Extracts X X X X X X X X Extracts X X X X ..... mited ('Applicant/RP') under Section 60(5) of the IBC, 2016, by inter alia seeking to pass an order excluding 2 (Two) days from the statutory period of the CIRP of the Corporate Debtor, etc. 2. Brief facts of the case, as mentioned in the Application, are as follows: (1) It is stated that the Applicant has filed the present Application under Section 60(5) of the IBC, 2016 to seek exclusion of time period of 2 days from the Corporate Insolvency Resolution Period (CIRP) of 270 days of the Corporate Debtor. (2) It is stated that the application for initiation of the CIRP of the Corporate Debtor, M/s.Biodiversity Conservation (India) Private Limited, was filed by M/s.Reliance Nippon Life Asset Management Limited and another, a fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o.IBBI/IPA-001/IP-P00821/2017-2018/11397 as the RP in place of Mrs. Nidhi Seksaria. (7) In terms of the provisions of the IBC, the IRP is inter alia required to (i) collect all information, inter alia, relating to the assets and finances of the Corporate Debtor; (ii) take control and custody of the assets of the Corporate Debtor. (8) It is stated that due to the lapse of time period of 2 (Two) days from the passing of the Admission Order till receipt of the copy of the Order, the Applicant was not able to take control of the Corporate Debtor and perform his duties as the insolvency resolution professional of the Corporate Debtor. This has resulted into an inadvertent loss of 2 days out of the period available to the Applicant for conduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r is reserved by the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court and finally pass order enabling the 'Resolution Professional' to complete the corporate insolvency resolution process. (v) If the corporate insolvency resolution process is set aside by the Appellate Tribunal or order of the Appellate Tribunal is reversed by the Hon'ble Supreme Court and corporate insolvency resolution process is restored. (vi) Any other circumstances which justifies exclusion of certain period." (10) In view of the aforesaid, it is stated that the aforesaid period of 2 (Two) days may be excluded from the CIRP period of the Corporate Debtor as the said Two days' period is on account of the time elapse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 2 (Two) days, on account of delay in receipt of the certified true copy of Order of commencement of the Insolvency proceedings against Biodiversity Conservation (India) Private Limited. RESOLVED FURTHER THAT the Resolution Professional of Biodiversity Conservation (India) Private Limited he and is hereby authorised to take such steps as may be necessary, in relation to the above if required and to settle all matters arising out of and incidental thereto and sign and execute all documents and writings that may be required and generally to do all acts, deeds and things that may be necessary, proper, expedient or incidental for the purpose of giving effect to the aforesaid Resolution." (12) It is stated that as per the results of e-votin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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