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of <h1>Tribunal Grants Extension under Insolvency Code: Emphasizes Timely Resolution Process</h1> <h3>Edelweiss Asset Reconstruction Co. Ltd. Versus Magra Industries Ltd.</h3> The Tribunal granted the extension requested in the application under Section 12 of the Insolvency and Bankruptcy Code, based on the resolution passed by ... Prayer for extending the time for completion of the CIR Process beyond 22.09.2019 when the period of 180 days has come to an end - HELD THAT:- A case is made out for extension of time in order to complete the Corporate Insolvency Resolution Process in respect of the Corporate Debtor. Accordingly, the application is allowed and the period beyond 22.09.2019 is extended by 90 days. The application stands disposed of. Issues Involved:Application under Section 12 of the Insolvency and Bankruptcy Code for extending the time for completion of the Corporate Insolvency Resolution Process (CIRP) beyond the initial 180-day period.Analysis:The judgment pertains to an application filed under Section 12 of the Insolvency and Bankruptcy Code seeking an extension of time to complete the Corporate Insolvency Resolution Process (CIRP) beyond the stipulated 180 days. The Committee of Creditors (CoC) passed a resolution in a meeting, supported by 92.29% voting share, resolving to extend the CIRP period by ninety days for inviting fresh Expression of Interest. The resolution authorized the Resolution Professional to file an application with the Adjudicating Authority, i.e., the National Company Law Tribunal (NCLT), for the extension. The resolution also specified that the costs incidental to this extension would be treated as Insolvency Resolution Process Cost of the concerned entity.The Tribunal, comprising the Chief Justice (Retired) and a technical member, considered the resolution and found merit in the application for extending the CIRP period. The Tribunal noted that the extension was necessary to complete the Corporate Insolvency Resolution Process effectively. Consequently, the Tribunal allowed the application, granting an extension of 90 days beyond the initial deadline of 22.09.2019.In conclusion, the Tribunal granted the extension requested in the application under Section 12 of the Insolvency and Bankruptcy Code, based on the resolution passed by the Committee of Creditors. The judgment highlights the importance of timely completion of the CIRP and the authority vested in the Resolution Professional to take necessary actions in line with the provisions of the Code and relevant regulations.
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