https://www.taxtmi.com/caselaws?id=401906 The Tribunal granted the Resolution Professional's application for an extension of 90 days from the Corporate Insolvency Resolution Process (CIRP) period due to the COVID-19 lockdown. The Tribunal acknowledged the exceptional circumstances caused by the lockdown, allowing the exclusion of time to ensure the RP could effectively complete the CIRP. This extension would enable the RP to maximize asset value, prevent liquidation of the Corporate Debtor, and submit a resolution plan by 01.09.2020. The Tribunal directed the RP to promptly conclude the CIRP, with a follow-up report submission scheduled for 24.08.2020. en-us Wed, 29 Jul 2020 00:00:00 +0530 Sat, 19 Dec 2020 06:52:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401906 The Tribunal granted the Resolution Professional's application for an extension of 90 days from the Corporate Insolvency Resolution Process (CIRP) period due to the COVID-19 lockdown. The Tribunal acknowledged the exceptional circumstances caused by the lockdown, allowing the exclusion of time to ensure the RP could effectively complete the CIRP. This extension would enable the RP to maximize asset value, prevent liquidation of the Corporate Debtor, and submit a resolution plan by 01.09.2020. The Tribunal directed the RP to promptly conclude the CIRP, with a follow-up report submission scheduled for 24.08.2020. Case-Laws Insolvency and Bankruptcy Wed, 29 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401906