CIRP extension allowed where creditor approval, pending resolution plans, and pandemic disruption justified further time.

The Tribunal extended the Corporate Insolvency Resolution Process period after finding sufficient cause on the record, including unanimous Committee of Creditors approval, pending resolution plans, time lost due to litigation concerning the resolution professional, and disruption during Covid-19. It held that, where the statutory scheme permits extension and the circumstances justify further time, the CIRP may be enlarged in exercise of jurisdiction. The extension was granted till 08.04.2021.

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Issues: Whether the period for completion of the Corporate Insolvency Resolution Process could be extended on the facts and in the circumstances of the case.

Analysis: The application sought extension of the CIRP beyond the ordinary statutory timeline, relying on the unanimous resolution of the Committee of Creditors, the pendency of resolution plans, the time lost due to errors and litigation concerning the resolution professional, and the disruption caused by the Covid-19 period. The Tribunal considered the materials placed on record and the circumstances explained in support of the request for further time.

Conclusion: The request for extension was accepted and the CIRP period was extended till 08.04.2021.

Ratio Decidendi: Where the statutory scheme permits extension and the facts disclose sufficient cause supported by creditor approval and pending resolution plan consideration, the Tribunal may extend the CIRP period in exercise of its jurisdiction.

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