https://www.taxtmi.com/caselaws?id=408378 The Tribunal dismissed the application for extending the Corporate Insolvency Resolution Process (CIRP) period by another 60 days beyond the statutory limit of 370 days. The decision was based on the failure of the Resolution Professional (RP) and Committee of Creditors (CoC) to consider the Resolution Plan within the previously extended period, without providing sufficient reasons for the delay. The Tribunal emphasized that extensions beyond the 330-day limit are only allowed in exceptional circumstances, which were not present in this case. en-us Mon, 31 May 2021 00:00:00 +0530 Tue, 08 Jun 2021 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408378 The Tribunal dismissed the application for extending the Corporate Insolvency Resolution Process (CIRP) period by another 60 days beyond the statutory limit of 370 days. The decision was based on the failure of the Resolution Professional (RP) and Committee of Creditors (CoC) to consider the Resolution Plan within the previously extended period, without providing sufficient reasons for the delay. The Tribunal emphasized that extensions beyond the 330-day limit are only allowed in exceptional circumstances, which were not present in this case. Case-Laws Insolvency and Bankruptcy Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408378