https://www.taxtmi.com/caselaws?id=752368 NCLAT Chennai allowed appeals challenging rejection of extension application for completing Insolvency Resolution Process beyond 330 days. The tribunal quashed the impugned order dated 26.04.2023 and granted 90-day extension to Resolution Professional, emphasizing home buyers' vital interests as stakeholders. The tribunal clarified proceedings were unnecessarily adjourned at financial creditors' behest and noted no further extensions would be granted. The decision followed precedent from NCLAT Principal Bench regarding stakeholder interests, while explicitly stating it did not examine merits of home buyers' claims or other matters beyond time extension. en-us Thu, 02 May 2024 00:00:00 +0530 Wed, 08 May 2024 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752368 NCLAT Chennai allowed appeals challenging rejection of extension application for completing Insolvency Resolution Process beyond 330 days. The tribunal quashed the impugned order dated 26.04.2023 and granted 90-day extension to Resolution Professional, emphasizing home buyers' vital interests as stakeholders. The tribunal clarified proceedings were unnecessarily adjourned at financial creditors' behest and noted no further extensions would be granted. The decision followed precedent from NCLAT Principal Bench regarding stakeholder interests, while explicitly stating it did not examine merits of home buyers' claims or other matters beyond time extension. Case-Laws Insolvency and Bankruptcy Thu, 02 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752368