Court Oversteps by Extending Insolvency Process 90 Days Beyond Limit, Misapplies Section 55 of Insolvency Code.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....conversion of CIRP u/ss 7 or 9 or 10 to Fast Track Corporate Insolvency Resolution Process’ u/s 55 of the I&B Code after 270 days - Adjudicating Authority exceeded its jurisdiction by extending the period of 90 days after completion of 270 days of the CIRP wrongly exercising its power u/s 55(2) which is not applicable....