https://www.taxtmi.com/caselaws?id=291604 The Code requires the corporate insolvency resolution process to be completed within its statutory time limit, with only a limited extension available in deserving cases. Where an exclusion request is made after substantial expiry of the resolution period and no sufficient basis is shown, the exclusion and extension may be refused. If the committee of creditors has already resolved for liquidation and the maximum resolution period has expired, liquidation follows as the statutory consequence and a liquidator may be appointed. The application for exclusion and extension was rejected, and the corporate debtor was directed into liquidation. en-us Tue, 20 Aug 2019 00:00:00 +0530 Wed, 18 Nov 2020 19:22:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291604 The Code requires the corporate insolvency resolution process to be completed within its statutory time limit, with only a limited extension available in deserving cases. Where an exclusion request is made after substantial expiry of the resolution period and no sufficient basis is shown, the exclusion and extension may be refused. If the committee of creditors has already resolved for liquidation and the maximum resolution period has expired, liquidation follows as the statutory consequence and a liquidator may be appointed. The application for exclusion and extension was rejected, and the corporate debtor was directed into liquidation. Case-Laws Insolvency and Bankruptcy Tue, 20 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291604