https://www.taxtmi.com/caselaws?id=284074 The National Company Law Tribunal Division Bench, Chennai, dismissed the application for exclusion of time period from the Corporate Insolvency Resolution Process (CIRP) and extension of CIRP. The Tribunal found that the Committee of Creditors failed to make a decision on the Resolution Plan within the stipulated time frame, leading to the expiration of the CIRP period. The Resolution Plan presented had a value lower than the liquidation value, and despite requests for revision, the plan remained inadequate. The Tribunal emphasized the need for timely decision-making by the CoC and deemed liquidation appropriate due to the expired CIRP period and unsatisfactory Resolution Plan value. en-us Tue, 18 Jun 2019 00:00:00 +0530 Sat, 26 Oct 2019 10:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284074 The National Company Law Tribunal Division Bench, Chennai, dismissed the application for exclusion of time period from the Corporate Insolvency Resolution Process (CIRP) and extension of CIRP. The Tribunal found that the Committee of Creditors failed to make a decision on the Resolution Plan within the stipulated time frame, leading to the expiration of the CIRP period. The Resolution Plan presented had a value lower than the liquidation value, and despite requests for revision, the plan remained inadequate. The Tribunal emphasized the need for timely decision-making by the CoC and deemed liquidation appropriate due to the expired CIRP period and unsatisfactory Resolution Plan value. Case-Laws Insolvency and Bankruptcy Tue, 18 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284074