NCLAT Overturns Ruling, Citing Unfair Process in Insolvency Case; Highlights Need for Extensions in Complex Situations.

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....Rejection of application filed for extension of time for the purposes of completion of the Insolvency Resolution Process - The Appellate Tribunal (NCLAT) acknowledged the complexity of the insolvency cases and the necessity of extending the time beyond the statutory limit of 330 days prescribed by the IBC. The Tribunal cited the judgment in Essar Steel to support that extensions could be justified under exceptional circumstances to ensure justice and efficiency in the resolution process. - The Tribunal found that the resolution professional had not provided a fair chance for rectifying the alleged defects in the resolution plans submitted. - The Tribunal allowed the appeals, quashing the orders of the Adjudicating Authority.....