TMI Blog2020 (1) TMI 1376X X X X Extracts X X X X X X X X Extracts X X X X ..... d on 16.12.2019 with 72.40% vote share approved resolution for extension of 60 days of Insolvency Resolution Period mainly on the ground that the resolution plan is under consideration of CoC. It is mentioned in the minutes that the resolution plan is on the verge of finalization and may take another one month to finalize to the resolution plan in respect of the corporate debtor. In the facts t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al for grant of extension of 60 days in CIRP time period beyond 330 days in terms of inherent powers of Hon'ble NCLT under Rule 11 of NCLT rules 2016 read with Section 60(5)(c), 12(3) of Insolvency and Bankruptcy Code, 2016. 2. It is relevant to note here that the Corporate Insolvency Resolution Process against the Corporate Debtor was initiated vide order dated 05.02.2019 passed in IB-694( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn 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 business under Article 19(1)(g) of the Constitution. The effect of this declaration is that ordinarily the time taken in relation to the corporate resolution process of the corporate debtor must be compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority and/or the Appellate Tribunal itself it may be open in such cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days. 5. In the present case the Committee of Creditors in its 13th meeting held on 16.12.2019 with 72.40% vote share approved resolution for extension of 60 days of Insolvency Resolution Period mainly on the ground that the resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the counsel opposite. Ld. Counsel for the applicant - IRP seeks and is granted one week time to file proof of service with respect to non applicant - respondent No. 5, 7, 9, 12, 14, 18. It shall be considered as last opportunity. List on 28.01.2020. CA-2237(PB)/2019 Ld. Counsel for the applicant - IRP seeks and is granted three days time to file the judgments in support of the applica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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