https://www.taxtmi.com/caselaws?id=774641 The NCLAT Principal Bench allowed an appeal against rejection of application seeking 45-day extension beyond the 465-day statutory period for corporate insolvency resolution. The Adjudicating Authority had rejected the extension application observing no chance of resolution within the timeframe. However, the NCLAT found that substantial steps had been taken before the impugned order, including completion of e-voting and plan approval. The resolution was already achieved before the rejection order was passed. The NCLAT granted the requested 45-day extension considering the special circumstances and disposed of the appeal. en-us Wed, 09 Jul 2025 00:00:00 +0530 Sat, 12 Jul 2025 08:40:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774641 The NCLAT Principal Bench allowed an appeal against rejection of application seeking 45-day extension beyond the 465-day statutory period for corporate insolvency resolution. The Adjudicating Authority had rejected the extension application observing no chance of resolution within the timeframe. However, the NCLAT found that substantial steps had been taken before the impugned order, including completion of e-voting and plan approval. The resolution was already achieved before the rejection order was passed. The NCLAT granted the requested 45-day extension considering the special circumstances and disposed of the appeal. Case-Laws IBC Wed, 09 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774641