CIRP extension beyond 330 days may be granted in exceptional cases to support resolution and avoid liquidation.

The statutory outer limit of 330 days for completion of the Corporate Insolvency Resolution Process is ordinarily to be followed, but a short extension may be permitted in exceptional circumstances where it is needed to complete a resolution and where liquidation would not serve stakeholder interests. Here, the Committee of Creditors approved the extension and the resolution plan was near finalisation, so the Tribunal exercised its powers to allow a further 45 days beyond 330 days in order to explore a successful resolution.

---

---

Issues: Whether the Corporate Insolvency Resolution Process period could be extended by 45 days beyond 330 days in the facts of the case.

Analysis: The statutory outer limit of 330 days for completion of the Corporate Insolvency Resolution Process is ordinarily to be adhered to, but extension may be granted in exceptional circumstances where a short further period is required to enable resolution and where liquidation would be contrary to the interests of stakeholders. The Committee of Creditors had approved the extension, and the resolution plan was stated to be near finalisation. In these circumstances, the Tribunal found it to exercise its powers to permit a further extension so that the possibility of a successful resolution could be explored.

Conclusion: The extension of 45 days beyond 330 days was granted.

Ratio Decidendi: Extension of the CIRP period beyond 330 days may be allowed in exceptional cases to facilitate resolution and avoid liquidation where the circumstances justify a short further period.

---