https://www.taxtmi.com/caselaws?id=300061 The Tribunal dismissed the Resolution Professional's application for extending the Corporate Insolvency Resolution Process (CIRP) period beyond 330 days, as no viable Resolution Plan had been obtained despite more than 730 days passing since the commencement of CIRP. The Committee of Creditors initially leaned towards liquidation due to the lack of a successful plan but later considered partial Resolution. The Tribunal emphasized that the CIRP period cannot be extended beyond 330 days as per Section 12(3) of the IBC, 2016, except in exceptional circumstances benefiting stakeholders, as highlighted in the Essar Steel case. en-us Wed, 29 Sep 2021 00:00:00 +0530 Tue, 11 Jan 2022 08:34:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300061 The Tribunal dismissed the Resolution Professional's application for extending the Corporate Insolvency Resolution Process (CIRP) period beyond 330 days, as no viable Resolution Plan had been obtained despite more than 730 days passing since the commencement of CIRP. The Committee of Creditors initially leaned towards liquidation due to the lack of a successful plan but later considered partial Resolution. The Tribunal emphasized that the CIRP period cannot be extended beyond 330 days as per Section 12(3) of the IBC, 2016, except in exceptional circumstances benefiting stakeholders, as highlighted in the Essar Steel case. Case-Laws Insolvency and Bankruptcy Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300061