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Judgment
This is an application filed under Section 12(2) of the Code, 2016 with a prayer for extension of Corporate Insolvency Resolution Process period for further 90 days beyond 180 days which is coming to an end on 12.01.2020. The application is supported by the resolution passed by the CoC in its 4th meeting held on 30.12.2019, has armed the resolution professional to file the present application for extension of time. The resolution at agenda item no. 5 has been carried out by 100 % voting share. Learned counsel for the RP has also placed on record the voting sheets of said meeting.
We are satisfied that a case is made out for extension of time in order to reach a Corporate Insolvency Resolution Process in respect of the Corporate Debtor. Accordingly, the application is allowed. The time for CIR Process is extended for 90 days beyond 180 days. The application stands disposed of accordingly.