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TMI Blog2018 (2) TMI 1721X X X X Extracts X X X X X X X X Extracts X X X X ..... h period up to 90 days beyond 180th day. Adjudicating Authority has not hold that the subject matter of the case do not justify to extend the period. It has not been rejected on the ground that the committee of creditors or resolution professional has not justified their performance during the 180 days. In such circumstances, it was duty on the part of the Adjudicating Authority to extend the period to find out whether a suitable resolution plan is to be approved instead of going for liquidation, which is the last recourse on failure of resolution process. We set aside the impugned order dated 18th December, 2017 and extend the period of resolution process for another 90 days to be counted from today. The period between 181st day and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of CIRP was complete by 25.11.2017. On visiting the provision of law, we have noticed that this application shall be filed by the Resolution professional for extension of CIRP period before completion of CIRP period, but this application has been filed after expiry of the original period of 180 days of CIRP. If at all this application is allowed, it will become nothing but revival of CIRP period that was complete by 25.11.2017. Since there is no provision for revival of CIRP period to provide another 90 days extension as mentioned under Section 12(2) of the IBC especially when earlier 180 days period is complete, by the time application has been filed before Adjudicating Authority, we strongly believe that it will become nothing bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Assets Reconstruction Co. Ltd. submits that there is no provision to file the application for extension of time within 180 days and submitted that for extension of time instruction was given by the Committee of Creditors to the Resolution Professional by a majority vote of seventy-five per cent within 180 days. 3. Section 12 prescribes the time limit for completion of insolvency resolution process , which reads as follows: 12. Time-limit for completion of insolvency resolution process - (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process. (2) The resolution professio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he resolution professional to file an application for extension of period in such case, in the interest of justice and to ensure that the resolution process is completed following all the procedures time should be allowed by the Adjudicating Authority who is empowered to extend such period up to 90 days beyond 180th day. 5. In the present case, the Adjudicating Authority has not hold that the subject matter of the case do not justify to extend the period. It has not been rejected on the ground that the committee of creditors or resolution professional has not justified their performance during the 180 days. In such circumstances, it was duty on the part of the Adjudicating Authority to extend the period to find out whether a suitable res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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