TMI Blog2020 (3) TMI 1263X X X X Extracts X X X X X X X X Extracts X X X X ..... 85% vote share voted during 6th -7th February, 2020 approved resolution for extension of 45 days of Insolvency Resolution Period mainly on the ground that the resolution plan is under consideration of Committee of Creditors. It is mentioned in the minutes that the resolution plan is on the verge of finalization and may take another one month to arrive at a viable resolution plan in respect of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nushka Sarkar For the Respondent : Kapil Kher and Rashmeet Kaur, Advocates ORDER Santanu Kumar Mohapatra, Member (T) 1. The present company application has been filed by the resolution professional for grant of extension of 45 days of CIRP period beyond 330 days in terms of inherent powers of Tribunal under Rule 11 of NCLT rules 2016 read with Section 60(5)(C) and 12(3) of Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itors of Essar Steel India Limited Versus Satish Kumar Gupta 8B Ors. decided on 15th November 2019, where it was inter-alia held that: Thus, while leaving the provision otherwise intact, we strike down the word mandatorily as being manifestly arbitrary under Article 14 of the Constitution of India and as being an excessive and unreasonable restriction on the litigant's right to carry on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o which the fault cannot be ascribed to the litigants before the Adjudicating Authority and/or Appellate Tribunal, the delay or a large part thereof being attributable to the tardy process of the Adjudicating Authority and/or the Appellate Tribunal itself, it may be open in such cases for the Adjudicating Authoritu and/or Appellate Tribunal to extend time beyond 330 days. (emphasise given) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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