https://www.taxtmi.com/caselaws?id=410432 The Tribunal allowed exclusion of 60 days from the CIRP period under its insolvency powers, noting that the resolution process remained active, multiple resolution applicants had shown interest, and the Committee of Creditors sought further time. It held that where there is a realistic prospect of approval of a resolution plan or withdrawal under Section 12A, time may be extended or excluded to further the object of the Code and preserve the corporate debtor as a going concern. The Resolution Professional was permitted to complete the CIRP on or before 24.08.2021, failing which the matter would move toward liquidation under Section 33. en-us Thu, 08 Jul 2021 00:00:00 +0530 Mon, 02 Aug 2021 09:03:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410432 The Tribunal allowed exclusion of 60 days from the CIRP period under its insolvency powers, noting that the resolution process remained active, multiple resolution applicants had shown interest, and the Committee of Creditors sought further time. It held that where there is a realistic prospect of approval of a resolution plan or withdrawal under Section 12A, time may be extended or excluded to further the object of the Code and preserve the corporate debtor as a going concern. The Resolution Professional was permitted to complete the CIRP on or before 24.08.2021, failing which the matter would move toward liquidation under Section 33. Case-Laws Insolvency and Bankruptcy Thu, 08 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410432