https://www.taxtmi.com/caselaws?id=416800 The Appellate Tribunal upheld the Adjudicating Authority's decision to dismiss the appellant's application seeking dismissal of the Resolution Professional's application for approval of the Resolution Plan and an order for liquidation in IA No.775/KB/2021. The Tribunal found that the subject matter was similar to a previous application that had been settled, with no new grounds presented. Additionally, the Tribunal clarified that the time limit of 330 days provided in Section 12 of the IBC is not mandatory, allowing for extensions in exceptional cases to avoid liquidation. The appeal was dismissed with no orders as to costs. en-us Fri, 07 Jan 2022 00:00:00 +0530 Thu, 20 Jan 2022 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416800 The Appellate Tribunal upheld the Adjudicating Authority's decision to dismiss the appellant's application seeking dismissal of the Resolution Professional's application for approval of the Resolution Plan and an order for liquidation in IA No.775/KB/2021. The Tribunal found that the subject matter was similar to a previous application that had been settled, with no new grounds presented. Additionally, the Tribunal clarified that the time limit of 330 days provided in Section 12 of the IBC is not mandatory, allowing for extensions in exceptional cases to avoid liquidation. The appeal was dismissed with no orders as to costs. Case-Laws Insolvency and Bankruptcy Fri, 07 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416800