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TMI Blog2019 (12) TMI 1558X X X X Extracts X X X X X X X X Extracts X X X X ..... utam Singhal, Mr. Rajat Chaudhary, Advs. with Mr. Jitendra Kumar, RP ORDER CA-2839(PB)/2019 Fifth progress report filed by the RP annexing the minutes of 4th and 5th CoC meetings. The same is taken on record on record subject to all just exceptions. The office is directed to maintain the record and place the same before the Bench at the time of final disposal. The application stands disposed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vency Resolution Process period in respect of corporate debtor M/S Piyush Colonisers Limited has to be completed within a period of 90 days from the date of commencement of the Amendment Act 2019 i.e. by 16.11.2019. During hearing learned counsel for Resolution Professional strenuously submitted for further extension of Insolvency period from 16.11.2019 by minimal period of150 days. Various groun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into liquidation, Adjudicating Authority (NCLT) can extend the outer time limit provided under the Code. It is relevant to refer to the decision of the Hon 'ble Supreme Court in Civil Appeal No. 8766-67 of 2019 in the matter of Committee of Creditors of Essar Steel India Limited Versus Satish Kumar Gupta & Ors. decided on 15th November 2019, where it was inter-alia held that: "Thus, while l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess 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 owing to which the fault cannot be ascribed to the litigants before the Adjudicating Authority and/or Appellate Tribunal, the delay or a large part thereof bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ond which the corporate debtor is to be driven into liquidation. " (emphasis given). In the facts and in order to avoid liquidation of the Corporate Debtor and also to explore the possibility of resolution the Corporate Insolvency Resolution Process; further time of 150 days is extended from 16.11.2019 for completion of Insolvency Resolution Process as an exceptional case. The Resolution Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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