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This is more off practical question depending upon situation to situation. In case CIRP is in advance situation where Resolution Plan is in consideration of Committee of Creditors when in such exceptional cases in order to achieve a resolution and to avoid to drive the corporate debtor into liquidation, Adjudicating Authority (NCLT) can extend the outer time limited provided under the IBC code.

It is relevant to refer to the decision of the Hon'ble Supreme Court in Civil Appeal No. 8766-67 of 2019 in the matter of Committee of Creditors of Essar Steel India Limited Versus Satish Kumar Gupta & Ors. decided on 15th November, 2019.

Regards,

CA Rahul Gupta

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Q. Sir in IBC 2016 CiRP is pending during litigation process and 330 days is completed on 1st July 2019 then 90 days will be given or not for completion of CIRP process U/s 12

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