https://www.taxtmi.com/caselaws?id=292141 The statutory outer limit of 330 days for completion of the Corporate Insolvency Resolution Process is ordinarily to be followed, but a short extension may be permitted in exceptional circumstances where it is needed to complete a resolution and where liquidation would not serve stakeholder interests. Here, the Committee of Creditors approved the extension and the resolution plan was near finalisation, so the Tribunal exercised its powers to allow a further 45 days beyond 330 days in order to explore a successful resolution. en-us Tue, 03 Mar 2020 00:00:00 +0530 Tue, 08 Dec 2020 10:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292141 The statutory outer limit of 330 days for completion of the Corporate Insolvency Resolution Process is ordinarily to be followed, but a short extension may be permitted in exceptional circumstances where it is needed to complete a resolution and where liquidation would not serve stakeholder interests. Here, the Committee of Creditors approved the extension and the resolution plan was near finalisation, so the Tribunal exercised its powers to allow a further 45 days beyond 330 days in order to explore a successful resolution. Case-Laws Insolvency and Bankruptcy Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292141