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Judgment
IA No. 1591/2023
The present application has been filed under Section 12(2) read with Section 60(5) of the Code on behalf of the Resolution Professional seeking extension of CIRP period by 90 days after expiry of 180 days. It is stated that 180 days period of CIRP has expired on 12.07.2023. The said extension of 90 days is approved by the CoC in its 6th meeting dated 03.07.2023 in Item No. 9 in which it is mentioned that two resolution plans have been received and these resolution plans are under consideration by the CoC, which may take some time. Keeping in view the facts and circumstances mentioned in the application as well as approval of the CoC for extension of the period of CIRP, the present application is allowed and the CIRP period of 90 days is extended with effect from 12.07.2023. Resolution professional is directed to utilize the extended time effectively and efficiently to conclude the CIRP within the stipulated time. IA No. 1591/2023 is allowed and disposed of accordingly.