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TMI Blog2020 (1) TMI 1337X X X X Extracts X X X X X X X X Extracts X X X X ..... 60 days from the CIRP as per Section 12(3) 2nd proviso of Code. (ii) Pass such other order or orders as this Hon'ble Tribunal may deem fit. 2. It is averred in the application that the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 24.04.2019 and the Applicant herein was appointed as Interim Resolution Professional (IRP) and subsequently this IRP has been appointed as Resolution Professional in the 1st Meeting of the Committee of Creditors held on 13.06.2019. It is averred that, the Hon'ble NCLAT had granted stay of the order of NCLT on 03.05.2019 and the same came to be vacated only on 30.05.2019 and as a result of which 37 days were lost in the CIRP. 3. It is further averred in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIRP ends on 21.01.2020 and as such 60 days extension would enable the Applicant to complete the CIRP, by issuance of fresh EOI and to call for fresh Resolution Plans. Under these circumstances, the Applicant has filed the present Application for exclusion of 60 days from the CIRP period. 6. Heard the Counsel for the Applicant and perused the records placed on file. In the facts of the present case, it is to be noted that Section 12 of the IBC, 2016 was amended by the IBC, Amendment Act, 2019, which came into force on 06.08.2019 and for the sake of brevity Section 12 of IBC, 2016 is extracted hereunder; 12. Time-limit for completion of insolvency resolution process. - (1) Subject to sub-section (2), the corporate insolvency resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate debtor is pending and has not been completed within the period referred to in the second proviso, such resolution process shall be completed within a period of ninety days from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019. 7. A bare perusal of Section 12 of the IBC, 2016 mandates that the CIRP period should be completed within the period of 330 days. Further, it has been clearly stated that the CIRP extension, beyond the stipulated period of 180 days, shall be granted only once, not exceeding 90 days. However, the IBC, Amendment Act, 2019 fails to address on how this Tribunal can treat the Applications which seek for CIRP extension beyond the period of 270 days to 330 days. 8. In the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ensions and the time taken in legal proceedings. However, on the facts of a given case, if it can be shown to the Adjudicating Authority and/or Appellate Tribunal under the Code that only a short period is left for completion of the insolvency resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owing to 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 Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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