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<h1>NCLT Extends Resolution Process by 90 days on Request</h1> The National Company Law Tribunal, New Delhi extended the Resolution Process by another 90 days as requested by the Resolution Professional. The ... Extension of insolvency resolution period - committee of creditors' authorisation - interim report requirementExtension of insolvency resolution period - committee of creditors' authorisation - Application by the resolution professional for extension of the 180-day corporate insolvency resolution period by 90 days - HELD THAT: - The resolution professional filed the application before expiry of the statutory 180-day period, and a resolution of the Committee of Creditors authorising filing of the application was placed on record. Having regard to the submissions and averments in the application and the authorisation from the Committee of Creditors, the Bench concluded that it was expedient to grant an extension of the resolution period. The application was allowed and the resolution process period was extended by 90 days. An interim report was directed to be filed.Application allowed; resolution period extended by 90 days and interim report to be filed.Final Conclusion: The Tribunal allowed the resolution professional's application to extend the 180-day corporate insolvency resolution period by a further 90 days, on the basis of the Committee of Creditors' authorisation, and directed filing of an interim report. The National Company Law Tribunal, New Delhi extended the Resolution Process by another 90 days as requested by the Resolution Professional. The application was filed before the expiry of the initial 180-day period, and the COC had authorized the filing. An interim report is to be filed, and the case is disposed of. (2018 (5) TMI 1802)
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