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TMI Blog2022 (2) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... efore us reveals that the RP had taken one-time extension earlier. However, till date, no plan has been accepted for resolution and the RP wants to start the process afresh after expiry of 270 days - Section 12 of the Code mandates that the CIRP of a Corporate Debtor must conclude within 330 days from the insolvency commencement date. This period of 330 days includes: (a) normal CIRP period of 180 days, (b) one-time extension, if any, up to 90 days of such CIRP period granted by the Adjudicating Authority, and (c) the time taken in legal proceedings in relation to the CIRP of the CD. In the instant case, this Tribunal already granted one extension of 90 days besides excluding 45 days in the wake of covid induced lockdown. The resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oard of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), praying this Tribunal to extend the CIRP for a further period of 60 days beyond 270 days i.e. from 09.01.2022 to 10.03.2022, inter-alia contending that the two resolution plans submitted by Resolution Applicants were rejected by Committee of Creditors(CoC) and two fresh resolution plans are pending consideration by the CoC. 2. To put concisely, this Tribunal vide order passed on 01.03.2021 admitted the company petition filed under Section 7 of the Code by the Financial Creditor/LIC Housing Finance Limited and the Corporate Debtor/M/s. Butta Infrastructure Private Limited was put into CIRP. Pursuant to this Tribunal granting exclusion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration? 6. This application is filed for extension of period for 60 days for completion of CIRP, anticipating receipt of some plans for the resolution of the Corporate Debtor. The record before us reveals that the RP had taken one-time extension earlier. However, till date, no plan has been accepted for resolution and the RP wants to start the process afresh after expiry of 270 days. 7. Section 12 of the Code mandates that the CIRP of a Corporate Debtor must conclude within 330 days from the insolvency commencement date. This period of 330 days includes: (a) normal CIRP period of 180 days, (b) one-time extension, if any, up to 90 days of such CIRP period granted by the Adjudicating Authority, and (c) the time taken in legal pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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