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TMI Blog2021 (2) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... for extending the timelines to prevent the Corporate Debtor from being pushed into liquidation and a viable Resolution Plan being approved by the COC, allowing of appeal will promote the interest of justice - The appeal is allowed and after excluding the period of judicial intervention viz. from 25th September, 2020 till today, grant extension of time by two weeks from today. - Company Appeal (AT) (Insolvency) No. 61 of 2021 - - - Dated:- 2-2-2021 - [Justice Bansi Lal Bhat] Acting Chairperson , [Dr. Ashok Kumar Mishra] Member (Technical) And [Dr. Alok Srivastava] Member (Technical) For the Appellant : Mr. Ramji Srinivasan, Senior Advocate with Ms. Rajshree Chaudhary, Mr. Shivkrit Rai, Ms. Richa Sandilya, Advocates. For the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a short period would be required by the COC to take a formal decision in regard to approval of the Resolution Plan. It was in this context that the Adjudicating Authority had been requested to extend the timelines so that a final meeting could be conducted by the COC for finalizing the Resolution Plan. 3. Our attention has been invited to the law laid down by the Hon ble Apex Court in Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta Ors. wherein in para 79, it has clearly spelt out the exceptional circumstances in which the Adjudicating Authority or the Appellate Tribunal would have discretion to extend the period beyond 330 days for completion of the CIRP to protect the interest of the stakeholders as also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tution. The effect of this declaration is that ordinarily the time taken in relation to the corporate resolution process of the corporate debtor must be completed within the outer limit of 330 days from the insolvency commencement date, including extensions and the time taken in legal proceedings. However, on the facts of a given case, if it can be shown to the Adjudicating Authority and/or Appellate Tribunal under the Code that only a short period is left for completion of the insolvency resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scretion should have been exercised by the Adjudicating Authority in acceding to the request of the Resolution Professional in extending the time beyond 330 days, we are of the considered opinion that this being a fit case where indulgence of this Appellate Tribunal is warranted for extending the timelines to prevent the Corporate Debtor from being pushed into liquidation and a viable Resolution Plan being approved by the COC, allowing of appeal will promote the interest of justice. We accordingly allow the appeal and after excluding the period of judicial intervention viz. from 25th September, 2020 till today, grant extension of time by two weeks from today. Copy of this order be provided to the parties today itself. Copy of this order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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