- (1.) Ma 641/2017 in CP 1043/I&BP/NCLT/MB/MAH/2017 On the application moved by the Resolution Professional, seeking extension of CIRP period for another 90 days as envisaged under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, when this Bench has looked into this application, it has been noticed that this application has been filed on 30.11.2017 on a resolution dated 24.11.2017 passed by COC seeking extension of time. By the time, this application was moved by the Resolution professional, 180 days of CIRP was complete by 25.11.2017.
(2.) On visiting the provision of law, we have noticed that this application shall be filed bv the Resolution professional for extension of CIRP period before completion of CIRP period, but this application has been filed after expiry of the original period of 180 days of CIRP. If at all this application is allowed, it will become nothing but revival of CIRP period that was complete by 25.11.2017.
(3.) Since there is no provision for revival of CIRP period to provide another 90 days' extension as mentioned under Section 12(2) of the IBC especially when earlier 180 days period is complete, by the time application has been filed before Adjudicating Authority, we strongly believe that it will become nothing but exercise of jurisdiction beyond the powers conferred upon this Bench under Section 12 of the Code.;