TaxTMI 
TaxTMI 
2025 (8) TMI 1478
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.... ORDER ( Hybrid Mode ) Heard learned counsel for the appellant as well as learned counsel Mr. Abhishek Anand appearing on behalf of the Resolution Professional (RP). 2. This appeal has been filed against the order dated 30.06.2025, by which I.A. 610(AHM)/2025 filed by the RP for extension of 90 days time beyond 18.04.2025 was rejected. In paragraph 39 of the judgment, adjudicating authority has given reasons for rejecting the extension of 90 days as prayed for. Paragraph 39 of the order is as follows: "39. In light of the prolonged CIRP, the absence of exceptional circumstances, and the risk of further asset depreciation, this Adjudicating Authority, exercising its powers under Rule 11 and Rule 15 of the NCLT Rules, 2016, ....
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....ed the CIRP period was upto 18.04.2025 and CoC in 19th Meeting resolved to seek 90 days extension with 95.36% voting shares, hence the application was filed. 5. Learned counsel for the RP submits that an affidavit has been filed by the appellant dated 02.08.2025, where appellant in paragraphs 2 & 3 following has been pleaded: "2. That vide hearing dated 31.07.2025, this Hon'ble Appellate Tribunal was pleased to allow the Appellant to file an affidavit to the effect that the prayer for extension of the period of Corporate Insolvency Resolution Process of M/s Torque Automotive Private Limited for a period of 45 days is the last and final prayer of extension, and that the appellant will not seek any further extension of the period ....
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....porate debtor from liquidation and therefore directed for filing of an extension application. After deliberations and discussions, the members of CoC having 95.36% voting share present in the meeting unanimously suggested for 90 days extension which was approved through evoting ended on 23.04.2025 with 96.04% in favor. Relevant portion of the minutes are reproduced hereinbelow: Agenda item no 7 A In view of the discussion in agenda item no 7 above, the CoC is to Vote on the agenda item of praying for extension of CIRP Period by another 90 days wef 20.04.2025 in view of the fact that Five out of Six Resolution Applications has sought time for clarifications and enhancement in their Plan amount and time is allowed till 30.04....
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....including 135 days extension is already over and period was extended by adjudicating authority till 18.04.2025 in the CIRP. Thus, period till 19.07.2025 was available to the CoC and the RP in the Meeting of the CoC which was held on 17.04.2025 which we have already noticed that 6 Prospective Resolution Applicants (PRAs) were discussed and several queries were raised and for which resolution applicant asked for 7 to 10 days for issuing any addendum for a clarification. 10. As noted above, learned counsel for the appellant has filed an affidavit where now only request as a last extension is of 45 days to receive the final plans and complete the voting therein. 11. In view of the facts, we are of the view that insofar as the order of the....