https://www.taxtmi.com/caselaws?id=754434 The PPIRP framework fixes completion within 120 days from the commencement date and contains no express provision for extension. Section 12 of the Insolvency Code was treated as inapplicable to PPIRP because Chapter III-A has its own scheme, including the consequence under Section 54P. Where no resolution plan is approved within the prescribed period, the resolution professional must seek termination, and the process cannot be enlarged by the Adjudicating Authority. On expiry of 120 days without approval of a plan, PPIRP is liable to terminate, and the corporate debtor is released from the process. en-us Thu, 06 Jun 2024 00:00:00 +0530 Mon, 24 Feb 2025 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754434 The PPIRP framework fixes completion within 120 days from the commencement date and contains no express provision for extension. Section 12 of the Insolvency Code was treated as inapplicable to PPIRP because Chapter III-A has its own scheme, including the consequence under Section 54P. Where no resolution plan is approved within the prescribed period, the resolution professional must seek termination, and the process cannot be enlarged by the Adjudicating Authority. On expiry of 120 days without approval of a plan, PPIRP is liable to terminate, and the corporate debtor is released from the process. Case-Laws IBC Thu, 06 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754434