https://www.taxtmi.com/caselaws?id=399346 The NCLT, Bengaluru Bench, granted the Resolution Professional's application to exclude 30 days from the statutory 270-day CIRP period under the IBC, 2016, due to communication delays with a foreign company's Resolution Plan. The Tribunal, referencing NCLAT and Supreme Court judgments, justified the exclusion based on unforeseen circumstances, ensuring the resolution process aligns with justice and equity principles. The Tribunal directed the Resolution Professional to expedite the CIRP, emphasizing the balance between timely resolution and necessary flexibility, ultimately facilitating the successful resolution of stressed assets within the IBC's legal framework. en-us Fri, 14 Feb 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399346 The NCLT, Bengaluru Bench, granted the Resolution Professional's application to exclude 30 days from the statutory 270-day CIRP period under the IBC, 2016, due to communication delays with a foreign company's Resolution Plan. The Tribunal, referencing NCLAT and Supreme Court judgments, justified the exclusion based on unforeseen circumstances, ensuring the resolution process aligns with justice and equity principles. The Tribunal directed the Resolution Professional to expedite the CIRP, emphasizing the balance between timely resolution and necessary flexibility, ultimately facilitating the successful resolution of stressed assets within the IBC's legal framework. Case-Laws IBC Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399346