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TMI Blog2021 (9) TMI 1325X X X X Extracts X X X X X X X X Extracts X X X X ..... ittedly more than 330 days even after all exclusions and extensions under Code is over. The Bench notes that Hon ble Supreme Court in the case of Essar Steel Vs. Satish Gupta [ 2019 (11) TMI 731 - SUPREME COURT ] has mentioned that the CIRP must be completed in 330 days, however, if it can be demonstrated to the Tribunal that only a short period is left for completion of the CIRP beyond 330 days then only the Adjudicating Authority may decide to extend time limit for a short period beyond 330 days. The Bench further notes that in the instant case, even after more than 730 days, there is no sight of completion of CIRP and the RP and COC want to merely explore the possibility of Resolution. From this the Bench concludes that no Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor by way of a Resolution plan was not feasible as till date they had not received any successful Resolution Plan. However, it is understood that because of the pressure from the home buyers the COC agreed to explore the possibility of Resolution Plan of the corporate Debtor Company by dividing the total assets into 8 projects and going for partial/piecemeal Resolution. The Bench notes that more than two years have passed since the commencement of CIRP of the Corporate Debtor of the Corporate Debtor Company. 5. Regarding the extension of time Section 12(3) of IBC, 2016 reads as; Section 12(3). On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the subject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s per the law the Bench cannot extend the CIRP period beyond 330 days. In the extant case also admittedly more than 330 days even after all exclusions and extensions under Code is over. 7. The counsel for the applicant is seeking extension beyond 330 days and mentioned that this is an exceptional case. The counsel for the applicant relied upon the Judgement of Hon ble Supreme Court in the case of Essar Steel Vs. Satish Gupta (2020) 8 SCC 531. 8. The Hon ble Supreme Court has laid down such exceptional situation as follows: Therefore, the law as it stands, mandates the conclusion of the CIRP- including time taken in legal proceedings, within 330 days with a short extension to be granted only in exceptional cases. Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rity and/or Appellate Tribunal to extend time beyond 330 days .. 9. The Bench notes that in this case, the Hon ble Supreme Court has mentioned that the CIRP must be completed in 330 days, however, if it can be demonstrated to the Tribunal that only a short period is left for completion of the CIRP beyond 330 days then only the Adjudicating Authority may decide to extend time limit for a short period beyond 330 days. The Bench further notes that in the instant case, even after more than 730 days, there is no sight of completion of CIRP and the RP and COC want to merely explore the possibility of Resolution. From this the Bench concludes that no Resolution of the Corporate Debtor Company is insight. 10. In view of the above, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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