Corporate insolvency resolution extension fails when filed after the statutory deadline and unsupported by timely progress.

An application to extend the corporate insolvency resolution process beyond the 180-day statutory period was held not maintainable because it was filed after expiry of the prescribed time. The request was not supported by a timely filing before the deadline, and the record showed inadequate progress in valuation, resolution and committee conduct. On those facts, the statutory discretion to grant an extension was not attracted, and no sufficient ground existed to prolong the resolution period or moratorium.

---

---

Issues: Whether the application seeking extension of the corporate insolvency resolution process beyond 180 days was maintainable and whether sufficient grounds existed to extend the statutory period.

Analysis: The application was filed after expiry of the 180-day period prescribed for completion of the corporate insolvency resolution process. The request for extension was not supported by timely filing before the expiry of the statutory period. The record also showed that the process had not been progressed in the manner expected under the Code, including delay in taking effective steps for valuation, resolution and orderly conduct of the committee process. On that basis, the statutory discretion to extend time was not attracted in the facts of the case.

Conclusion: The application for extension of the resolution period was not maintainable and no ground was made out to extend the moratorium period.

---