https://www.taxtmi.com/caselaws?id=290827 The Tribunal granted a 90-day extension from the initial 330-day period in the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. This extension aimed to facilitate the Resolution Professional (RP) in completing the CIRP effectively, preventing liquidation of the Corporate Debtor. The decision was based on the delays faced by the RP in procuring assets and records, aligning with the Supreme Court's guidelines and the importance of timely resolution efforts to save distressed companies. The Tribunal's order allowed the RP to expedite necessary steps for successful conclusion of the CIRP within the extended timeline, emphasizing adherence to prescribed timelines while allowing flexibility in exceptional circumstances. en-us Mon, 06 Jan 2020 00:00:00 +0530 Mon, 19 Oct 2020 09:08:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290827 The Tribunal granted a 90-day extension from the initial 330-day period in the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. This extension aimed to facilitate the Resolution Professional (RP) in completing the CIRP effectively, preventing liquidation of the Corporate Debtor. The decision was based on the delays faced by the RP in procuring assets and records, aligning with the Supreme Court's guidelines and the importance of timely resolution efforts to save distressed companies. The Tribunal's order allowed the RP to expedite necessary steps for successful conclusion of the CIRP within the extended timeline, emphasizing adherence to prescribed timelines while allowing flexibility in exceptional circumstances. Case-Laws Insolvency and Bankruptcy Mon, 06 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290827