2020 (4) TMI 472

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....ne of the 'Resolution Applicants' filed application under sub-section (5) of Section 60 of the Insolvency & Bankruptcy Code, 2016 ('I&B' Code, for short) before the Adjudicating Authority ('National Company Law Tribunal') Court-III, New Delhi for extension of time in the 'Corporate Insolvency Resolution Process' against 'M/s. Earth Infrastructure Ltd.' ('Corporate Debtor') with following prayer:- a. Declare that the Resolution, through Item No.6, as proposed in the Meeting of Committee of Creditors held on 07.8.2019 stood approved by 74.011% of voters (present and voting) in favour of the Resolution. b. Allow the instant Application and grant an exclusion of 54 days from 25.6.2019 to 17.8.2019 from the Corporate Insolvency....

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....mit for completion of Insolvency resolution process (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process. (2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to be do so by a resolution passed at a meeting of the committee of creditors by a vote of [sixty-six] percent of the voting shares. (3) On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the subject ma....