9911796707
TMI Blog2020 (4) TMI 472X X X X Extracts X X X X X X X X Extracts X X X X ..... cy Resolution Process of the Corporate Debtor is pending and has not been completed within the period referred to in the second proviso, we hold that the Corporate Insolvency Resolution Process is to be completed within another period of 90 days from the date of commencement of Insolvency Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019. In view of the fact that the period has been extended for another 90 days in the present case in view of third proviso to sub-section (3) of Section 12, the impugned order is set aside and the Resolution Applicant is allowed to move before the Committee of Creditors and Resolution Professional and direct completing of the process within 90 days from the date of commencement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has taken the members of the Committee of Creditors who have not voted, as dissenting voters. e. Pass such other and further orders as may be deemed fit and proper in the facts and circumstances of the present case. The Adjudicating Authority while passing impugned order dated 28th August, 2019 refused to exclude the period of 54 days. Learned counsel for the Appellant submits that the Committee of Creditors has already taken into consideration the third proviso of Section 12 inserted vide Gazette Notification dated 6th August, 2019 which came into force on 16th August, 2019 for allowing 90 days. Mr. Anurag Bhatt, learned counsel for the Resolution Professional along with Mr. Akash Shingal appeared. They also wan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and eighty days by such further period as it thinks fit, but not exceeding ninety days: PROVIDED that any extension of the period of corporate insolvency resolution process under this section shall not be granted more than once: [PROVIDED FURTHER that the corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under this section and the time taken in legal proceedings in relation to such resolution process of the corporate debtor: PROVIDED ALSO that where the insolvency resolution process of a corporate debtor is pending and has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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