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Judgment
IA/355(MP)2023
This is an application filed by the RP under Section 12 r.w. Section 60(5) of the IBC, 2016 & Regulation 40 of the CIRP Regulations, 2016 seeking an extension of 45 days w.e.f. 10.11.2023 in the CIRP period of the Corporate Debtor, namely, CMM Infraprojects Ltd.
We have heard the learned counsel, Mr. Amol Vyas appearing for the RP.
Learned counsel for the RP submits that the period of 330 days is over on 10.11.2023 and at this juncture, the CoC is considering a Resolution Plan which is more than 50% of the liquidation value. For that purpose, the RP seeks further 45 days.
We note that there are no provisions in the IBC to extend the time beyond 330 days.
Nevertheless, there appears a possibility of Resolution of the Corporate Debtor and for that purpose, we allow the extension of 45 days using inherent powers under Rule 11 of NCLT Rules, 2016 w.e.f. 10.11.2023 to complete the CIRP process.
The RP is directed to ensure that the CIRP process is completed within the time permitted.
With this, IA/355(MP)2023 stands allowed as prayed and disposed of.