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TMI Blog2019 (7) TMI 835X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority should be excluded for the purpose of counting 270 days of Corporate Insolvency Resolution Process period. The Resolution Professional and the Committee of Creditors are allowed 89 days to conclude the Corporate Insolvency Resolution Process, to be counted from the date of receipt of free certified copy of the present order by learned counsel for the Resolution Professional. It is for the Committee of Creditors to decide whether further Information Memorandum should be issued calling for more Resolution plans or to ask the Resolution Applicant who has already submitted the Expression of Interest to submit the Resolution Plan. Appeal disposed off. - Company Appeal (AT) (Insolvency) No. 430 of 2019 With Company Appeal (AT) (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the same date. It is submitted that because of the aforesaid delay, though the period of Corporate Insolvency Resolution Process was extended on 17th January, 2019 for further 90 days i.e. upto 18th April, 2019, the Information Memorandum prepared by the subsequent Resolution Professional was approved by the Committee of Creditors on 22nd February, 2019. The Resolution Professional invited Expression of Interest for Resolution Plan on 23rd February, 2019 and in absence of time only one Resolution Plan was received, which was not approved by the Committee of Creditors. It is informed that another Expression of Interest was received but because of shortage of time, could not be considered for want of time as period was not extended. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nformation Memorandum could not be prepared and the subsequent Resolution Professional joined on 26th November, 2018 on receipt of the certified copy of the Order, we allow the prayer and exclude 89 days for the purpose of counting the period of 270 days for Corporate Insolvency Resolution Process. In the result, the impugned order dated 27th March, 2019 stands modified to the extent above. The Resolution Professional and the Committee of Creditors are allowed 89 days to conclude the Corporate Insolvency Resolution Process, to be counted from the date of receipt of free certified copy of the present order by learned counsel for the Resolution Professional. It is for the Committee of Creditors to decide whether further Information Memorandum ..... X X X X Extracts X X X X X X X X Extracts X X X X
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