https://www.taxtmi.com/caselaws?id=313443 NCLAT Chennai dismissed an appeal seeking extension of CIRP beyond 330 days. The CoC had previously extended the period multiple times but rejected two resolution plans with 91.92% majority vote after the 330-day limit expired. The tribunal found no substance in appellant's arguments as no resolution plan or Section 12A application was pending. Following Supreme Court precedent in Essar Steels, the tribunal held that CIRP cannot be extended on flimsy grounds beyond 330 days. The adjudicating authority's dismissal of extension applications and order for corporate debtor's liquidation was upheld. en-us Tue, 11 Jul 2023 00:00:00 +0530 Mon, 15 Apr 2024 20:25:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313443 NCLAT Chennai dismissed an appeal seeking extension of CIRP beyond 330 days. The CoC had previously extended the period multiple times but rejected two resolution plans with 91.92% majority vote after the 330-day limit expired. The tribunal found no substance in appellant's arguments as no resolution plan or Section 12A application was pending. Following Supreme Court precedent in Essar Steels, the tribunal held that CIRP cannot be extended on flimsy grounds beyond 330 days. The adjudicating authority's dismissal of extension applications and order for corporate debtor's liquidation was upheld. Case-Laws Insolvency and Bankruptcy Tue, 11 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313443