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2022 (1) TMI 398 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL — CHENNAI BENCH(VIRTUAL COURT)Seeking exclusion of 165 days and for extension of CIRP period by another 15 days constituting a total of 180 days - HELD THAT:- This Tribunal without going into the merits of the applications and it is not desirable to decide the aspect of who filed the plan before the cut-off date, etc., which is not subject matter before this Bench. However, in both the applications the common object and the stand taken by the applicants, i. e., to consider all the prospective resolution applications by the committee of creditors on par along with other applications. Therefore, this Tribunal is not going into dwelt the issue which is not before this Tribunal. It is unequivocal that the appellants have shown exceptional circumstances, i. e., pendency of judicial proceedings before the hon'ble courts, imposition of nationwide lockdown, change of RP, calling fresh expression of interest and the nature of business of the corporate debtor which admittedly spread over to many parts of the country. It is also an admitted fact that many interested prospective resolution applicants have submitted their plans evincing their interest in the bid process of the corporate debtor. This Tribunal is of the view that the corporate debtor cannot be pushed into liquidation. This Tribunal comes to a resultant conclusion that based on the facts and keeping in view of exceptional circumstances existed, viewing in that perspective and to avoid liquidation as a last resort and to comply with the object of the Code, i. e., maximization of value of asset of the corporate debtor and the law laid down by the hon'ble Supreme Court in the matter of SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [2019 (1) TMI 1508 - SUPREME COURT] and COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT], that the outer limit of 330 days can be extended in an exceptional circumstances. Application allowed.
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