TMI Blog2020 (8) TMI 887X X X X Extracts X X X X X X X X Extracts X X X X ..... es for a time line of 180 days for completion of CIRP and even if we consider extended period it is another 90 days and hence within 270 days the CIRP should be completed - Although it is directory that CIRP can be completed upto a period of 330 days or so which is largely to consider the time frame of judicial process. Hence, practically all attempt be made to complete the CIRP within 270 days. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Plan alongwith Expression of Interest (for short EOI). He has submitted that only two Resolution Plan have been received by the Resolution Professional so far, and if his proposal is not accepted, the object of the Code i.e. Maximization of value of assets, to promote entrepreneurship etc. will not be achieved, in case of the present Corporate Insolvency Resolution Process (for short C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmittee of Creditors on 16.07.2020 as the same was received beyond the extended time line for submission of EOI. d) It is also submitted by the RP that the maximum period of 330 days for CIRP is expiring on 29.08.2020 and allowing EOI at this stage would derail the CIRP. 3. Section 12 of the IBC, 2016 provides for a time line of 180 days for completion of CIRP and even if we consider extende ..... X X X X Extracts X X X X X X X X Extracts X X X X
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