TaxTMI 
TaxTMI 
2021 (2) TMI 445
X X X X Extracts X X X X
X X X X Extracts X X X X
....; (ii) To pass such other orders or further orders which may deemed to be fit and proper in the interest of justice. 2. It is averred in the application that the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor viz. M/s. Srivari Alloys India Pvt. Ltd., by this Tribunal on 16.07.2019 and one Mr. M.S. Sankar was appointed as Interim Resolution Professional (IRP). Thereafter, the said IRP caused public announcement on 22.07.2019 and also constituted the Committee of Creditors (CoC) with the Union Bank of India as the sole Financial Creditor having 100% voting rights. In the 1st CoC Meeting was conducted on 21.08.2019 and in the said meeting the Applicant herein was recommended by th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d on 10.01.2020 suggested certain modifications to the Resolution Plan and also requested the Resolution Applicant to submit the revised Resolution Plan on or before 24.01.2020. In the meantime, the 180 days of the CIRP was about to expire on 18.01.2020, the CoC recommended for seeking extension of the CIRP for a further period of 60 days. Accordingly, the Applicant filed MA/57/2020 and this Tribunal vide order dated 20.01.2020 extended the period of CIRP for 60 days and also recorded that there would not be any further extension. 5. Subsequently, it is submitted that the Resolution Applicant has submitted the revised Resolution Plan before the CoC only on 17.03.2020 with improved offer and due to the Covid 19 pandemic and attendant ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted 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 do so by a resolution passed at a meeting of the committee of creditors by a vote of sixty-six per cent of the voting shares. (3) On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the subject matter of the case is such that corporate insolvency resolution process cannot be completed within one hundred and eighty days, it may by order extend the durat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....acts of the present case, it is evident from the records that CIRP extension was already granted once for a period of 60 days from 18.01.2020 till 18.03.2020 and thereby the 240 days period of CIRP came to an end on 18.03.2020. The second proviso to sub-section 3 of Section 12 of the IBC, 2016 states that the CIRP shall be mandatorily completed within a period of 330 days from the Insolvency commencement date, including any extension of the period of the CIRP granted under this section and the time taken in the legal proceedings. 10. Thus, it can be inferred from the second proviso to subsection 3 of Section 12 of the IBC, 2016 that after granting extension once for a maximum period of 90 days, and upon 270 days of the CIRP coming to....