2020 (11) TMI 129

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....ram Thirunavukkarasu, Member (T) For the Appellant : Jaimin Dave, Advocate ORDER 1. The Instant Application IA 469 of 2020 in CP (IB) 404 of 2019, is filed by Mr. Parthiv Parikh, Resolution Professional of M/s. M. V. Omni (India) Limited, the Corporate Debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, with a prayer for seeking an extension of 30 days beyond 270 days....

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....ication for the same before this Bench. 2.3. It is stated by the applicant that the application filed by the State Bank of India i.e. IA 740 of 2019 for replacement present IRP to RP, was allowed by this Bench vide Order dated 20.01.2020 and appointed the Applicant, Mr. Parthiv Parikh. 2.4. It is further stated by the applicant that the period of 180 days expired on 25.02.2020 an....

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....rom liquidation. 3. Heard the RP, on perusal of the record it is found that CP (IB) 404 of 2019 was admitted by this Adjudicating Authority on 29.08.2019 and further, 90 days beyond 180 days was extended on 24.02.2020. The RP has moved this application for seeking extension of 30 days as there is high probability of approval and/or acceptance of proposed Resolution Plan and thereby, the Corpora....

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....re investments leading to higher economic growth and development." 5. Looking to the very object of IB Code, CoC desires to get extension of 30 days as there is every likelihood that some Resolution Plan will be accepted and/or approved by the CoC. In that event, a Corporate Debtor. 6. However, the Supreme Court has observed that 330 days is the outer limit within which resolution of the str....