https://www.taxtmi.com/caselaws?id=295351 In an exceptional case under the Insolvency and Bankruptcy Code, the Appellate Tribunal may invoke its inherent power under Rule 11 to extend time for filing an application for approval of a resolution plan under Section 31 when the delay is not attributable to the Resolution Professional. Where the Committee of Creditors has approved the plan within the extended timeline and refusal of additional time would frustrate the insolvency resolution process and risk liquidation, further time may be granted to allow the application to be filed and considered on merits. The text states that a 10-day extension was justified to prevent injustice and preserve the resolution process. en-us Tue, 16 Jun 2020 00:00:00 +0530 Mon, 15 Nov 2021 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295351 In an exceptional case under the Insolvency and Bankruptcy Code, the Appellate Tribunal may invoke its inherent power under Rule 11 to extend time for filing an application for approval of a resolution plan under Section 31 when the delay is not attributable to the Resolution Professional. Where the Committee of Creditors has approved the plan within the extended timeline and refusal of additional time would frustrate the insolvency resolution process and risk liquidation, further time may be granted to allow the application to be filed and considered on merits. The text states that a 10-day extension was justified to prevent injustice and preserve the resolution process. Case-Laws Insolvency and Bankruptcy Tue, 16 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295351