2020 (9) TMI 834

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....& Bankruptcy<br>Sucharitha R., Member (J) And Satya Ranjan Prasad, Member (T) For the Appellant : Saswat K. Acharya, Adv., Sourya Sundar Das, Sr. Adv For the Respondent : Haripad Mohanty, A P. Swain, Shalaka Das, Advs. and Anupam Dash ORDER 1. The present application is filed by the Resolution Professional Mr. Kshitiz Chhawchharia under Section 60(5) of the Insolvency and Bankruptcy Co....

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....er way and there is a possibility of getting a Resolution Plan. Further, the Corporate Debtor is an ongoing concern. Hence, it is very important to grant extension of time to complete the Corporate Insolvency Resolution Process. In this application, the applicant/Resolution Professional seeks time stating there was an outbreak of fire in the turbine in the captive power plant of the Corporate Debt....

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....even grant an extension of time for CIRP even beyond a period of 330 days." "on the facts of a given case, if it can be shown to the Adjudicating Authority and/or Appellate Tribunal under the Code that only a short period is left for completion of the Insolvency Resolution Process beyond 330 days, and that it would be in the interest of all stakeholders that the Corporate Debtor be put ba....

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....elow: - "After detailed deliberations and consensus of all member of CoC, the members authorized the RP to file a suitable application for exclusion of 21 days in the CIRP period with the Hon&#39;ble NCLT, Cuttack Bench. The members agreed that they shall seek clarifications from the RAs on the aforesaid concerns, and simultaneously arrange for the requisite approvals from their committee....