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Judgment
I.A. No.340/2023
Heard the learned Counsel for the Applicant/RP.
This Application has been filed by the RP seeking to extend the period for the completion of the CIRP of the Corporate Debtor by a period of thirty days form 10.05.2023 to 09.06.2023.
It is observed that on 13.03.2023, this Adjudicating Authority has granted an exclusion of 60 days from 12.03.2023 to 10.05.2023 in I.A. No.166 of 2023 on the ground that the Resolution Plan was received by the CoC and therefore it was likely to be finalised soon.
In this Application, the learned Counsel for the RP has sought an extension of another 30 days by relying upon the judgment of Hon’ble Apex Court in matter of Committee of Creditors of Essar Steel India Ltd. vs. Satish Kumar Gupta and Ors. wherein it was held that the outer limit of 330 days prescribed in the Code may be extended in exceptional circumstances. She further submits that the RP has received a Resolution Plan and the CoC consists of Banks, whose Board Members were occupied in election duties for the Assembly Elections in the State of Karnataka scheduled on 10.05.2023 and thus the CoC members have requested for additional time to discuss and negotiate on the Resolution Plan with the Resolution Applicant for better value to the creditors.
In the circumstances, and for the reasons mentioned in the Application and after considering the judgment of Hon’ble Apex Court in the matter of Essar Steel (supra), the instant Application is finally allowed to the limited extent of extending the period of CIRP by 30 days with effect form 10.05.2023 to 09.06.2023.
Accordingly, I.A. No.340 of 2023 is disposed of.