CIRP extension justified where missing records and non-cooperation prevented effective resolution, enabling further time for completion.

The Corporate Insolvency Resolution Process was extended because the resolution applicant could not effectively carry out resolution functions when the corporate debtor had no accessible registered office, staff had left, records had not been handed over, and cooperation from erstwhile promoters and auditors was not forthcoming. The Committee of Creditors, holding the full voting share, nevertheless considered that the debtor could still be taken towards successful resolution and authorised the extension request. On that basis, continuation of the process was treated as necessary to complete the resolution exercise, and the extension was allowed for a further 60 days.

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Issues: Whether the period of the Corporate Insolvency Resolution Process could be extended on the ground of absence of records and non-cooperation by the promoters and erstwhile management.

Analysis: The Applicant was unable to discharge the resolution functions effectively because the corporate debtor had no accessible registered office, the staff had left, records were not handed over, and cooperation from the erstwhile promoters and auditors was not forthcoming. The Committee of Creditors, holding the entire voting share, considered that the corporate debtor could still be taken towards a successful resolution and authorised the request for extension. In these circumstances, the continuation of the process for a further period was found necessary to enable completion of the resolution process.

Conclusion: The request for extension of the Corporate Insolvency Resolution Process was allowed and the period was extended by 60 days.

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