https://www.taxtmi.com/caselaws?id=402550 The National Company Law Tribunal, Chennai Bench, allowed the Resolution Applicant's application for extension of time to implement the Resolution Plan approved earlier, due to challenges posed by the Covid-19 pandemic. The Tribunal, invoking its inherent powers under Rule 11 of NCLT Rules, 2016 and considering the Supreme Court's decision in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors., excluded the period between 15.03.2020 and 30.06.2020 for plan implementation. This decision reflects a pragmatic approach to address the pandemic-induced difficulties faced by the Applicant, ensuring fairness and adaptability in insolvency proceedings amidst unprecedented circumstances. en-us Thu, 06 Aug 2020 00:00:00 +0530 Wed, 06 Jan 2021 14:10:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402550 The National Company Law Tribunal, Chennai Bench, allowed the Resolution Applicant's application for extension of time to implement the Resolution Plan approved earlier, due to challenges posed by the Covid-19 pandemic. The Tribunal, invoking its inherent powers under Rule 11 of NCLT Rules, 2016 and considering the Supreme Court's decision in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors., excluded the period between 15.03.2020 and 30.06.2020 for plan implementation. This decision reflects a pragmatic approach to address the pandemic-induced difficulties faced by the Applicant, ensuring fairness and adaptability in insolvency proceedings amidst unprecedented circumstances. Case-Laws Insolvency and Bankruptcy Thu, 06 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402550