https://www.taxtmi.com/caselaws?id=411663 The Tribunal granted an extension of three months for the balance payment of Rs. 12.78 Crores under the Insolvency and Bankruptcy Code, 2016, due to delays caused by the Resolution Professional's inaction and the impact of the COVID-19 lockdown on financial activities. The extension was approved following negotiations between the parties, with the Committee of Creditors approving the extension and the Resolution Applicant agreeing to pay an additional amount. The Tribunal emphasized the need for cooperation among stakeholders in insolvency proceedings and considered external factors affecting financial activities. en-us Fri, 06 Aug 2021 00:00:00 +0530 Wed, 01 Sep 2021 08:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411663 The Tribunal granted an extension of three months for the balance payment of Rs. 12.78 Crores under the Insolvency and Bankruptcy Code, 2016, due to delays caused by the Resolution Professional's inaction and the impact of the COVID-19 lockdown on financial activities. The extension was approved following negotiations between the parties, with the Committee of Creditors approving the extension and the Resolution Applicant agreeing to pay an additional amount. The Tribunal emphasized the need for cooperation among stakeholders in insolvency proceedings and considered external factors affecting financial activities. Case-Laws Insolvency and Bankruptcy Fri, 06 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411663