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NCLT excludes 90 days from stipulated period of CIRP in Jaypee case

July 31, 2019[2019] 107 taxmann.com 469 (NCLAT- New Delhi)
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IBC : Where question was raised before Appellate Tribunal as to whether in corporate insolvency resolution process, Jaypee Infratech Ltd. (corporate debtor) should be allowed to go for liquidation on ground that 270 days had expired on 6-5-2019 or period from 17-9-2018 to 4-6-2019 during which matter remained pending for consideration before Adjudicating Authority relating to voting share of allottees should be excluded for purpose of counting 270 days, it was held that period from 17-9-2018 i.e. date of application filed by Association of allottees for clarification for order and till final decision i.e. 4-6-2019 i.e. date matter was finally decided by Third Member (Total 260 days), could be excluded for purpose of counting 270 days, however, as matter was pending since long, total period of 260 days was not excluded but 90 days were excluded for purpose of counting period of 270 days of corporate insolvency resolution process, which should be counted from date of receipt of copy of order

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