NCLT extends CIRP period, notes asset attachment limits by CBI & ED, RP instructed to conclude.

The NCLT, Ahmedabad extended the period for CIRP but highlighted the limitation due to asset attachment by CBI and ED. The tribunal instructed the Resolution Professional to conclude the CIRP in compliance with the law. IA 453 of 2021 seeking an extension was resolved.

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The National Company Law Tribunal, Ahmedabad, extended the period for Corporate Insolvency Resolution Process (CIRP) but emphasized that it cannot be prolonged indefinitely due to assets being attached by CBI and ED. The tribunal directed the Resolution Professional to complete the CIRP process as per the law. IA 453 of 2021 for extension of period was disposed of.

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