https://www.taxtmi.com/caselaws?id=408428 The NCLT considered whether the corporate insolvency resolution process could be extended beyond an earlier fixed completion date. It noted that the Committee of Creditors had reviewed the revised resolution plan, the promoters' proposal had not been taken forward, and discussions with another resolution applicant were still ongoing. Although the CIRP had already crossed the normal outer limit and repeated extensions were discouraged, the Tribunal held that a short further extension could still be justified to support possible revival of the corporate debtor. The application was allowed and the CIRP period was extended up to 30.06.2021. en-us Wed, 02 Jun 2021 00:00:00 +0530 Thu, 10 Jun 2021 08:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408428 The NCLT considered whether the corporate insolvency resolution process could be extended beyond an earlier fixed completion date. It noted that the Committee of Creditors had reviewed the revised resolution plan, the promoters' proposal had not been taken forward, and discussions with another resolution applicant were still ongoing. Although the CIRP had already crossed the normal outer limit and repeated extensions were discouraged, the Tribunal held that a short further extension could still be justified to support possible revival of the corporate debtor. The application was allowed and the CIRP period was extended up to 30.06.2021. Case-Laws Insolvency and Bankruptcy Wed, 02 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408428