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The appellate tribunal allowed the application for a 45-day extension beyond the 465-day period under exceptional circumstances. The adjudicating authority had previously granted an extension until 27.04.2025, during which substantial resolution steps, including completion of e-voting and plan approval, occurred. The tribunal found that the adjudicating authority erred by rejecting the extension application without considering that the matter was effectively resolved before 03.06.2025, despite the parties' lack of knowledge of the court's order at that time. Given the resolution progress and the grievances of the appellants, resolution professional, and majority financial creditor, the extension was deemed justified. Consequently, the appeal was allowed, and the extension application granted.
The appellate tribunal allowed the application for a 45-day extension beyond the 465-day period under exceptional circumstances. The adjudicating authority had previously granted an extension until 27.04.2025, during which substantial resolution steps, including completion of e-voting and plan approval, occurred. The tribunal found that the adjudicating authority erred by rejecting the extension application without considering that the matter was effectively resolved before 03.06.2025, despite the parties' lack of knowledge of the court's order at that time. Given the resolution progress and the grievances of the appellants, resolution professional, and majority financial creditor, the extension was deemed justified. Consequently, the appeal was allowed, and the extension application granted.
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