https://www.taxtmi.com/caselaws?id=301096 The National Company Law Tribunal, New Delhi Court-V approved an extension of the Corporate Insolvency Resolution Process (CIRP) period by 60 days as requested by the Committee of Creditors (CoC). Additionally, the Tribunal excluded the period of CIRP due to the lockdown, extending it by 90 days beyond the initial 180 days. The Tribunal directed the Resolution Professional (RP) to pay a portion of outstanding electricity dues within a week for the restoration of electricity connection. Furthermore, an application for payment of expenses was dismissed as infructuous. The Tribunal's decisions were based on careful consideration of submissions, CoC resolutions, and relevant provisions of the Insolvency and Bankruptcy Code (IBC). en-us Thu, 04 Mar 2021 00:00:00 +0530 Sat, 12 Mar 2022 08:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301096 The National Company Law Tribunal, New Delhi Court-V approved an extension of the Corporate Insolvency Resolution Process (CIRP) period by 60 days as requested by the Committee of Creditors (CoC). Additionally, the Tribunal excluded the period of CIRP due to the lockdown, extending it by 90 days beyond the initial 180 days. The Tribunal directed the Resolution Professional (RP) to pay a portion of outstanding electricity dues within a week for the restoration of electricity connection. Furthermore, an application for payment of expenses was dismissed as infructuous. The Tribunal's decisions were based on careful consideration of submissions, CoC resolutions, and relevant provisions of the Insolvency and Bankruptcy Code (IBC). Case-Laws Insolvency and Bankruptcy Thu, 04 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301096