The CIRP cannot be allowed to continue for indefinite period – M/s. Cimco Projects Ltd. & Ors. Vs. Mr. Anup Kumar (RP) M/s. Shivkala Developers Pvt. Ltd. & Anr. – NCLAT New Delhi
NCLAT held that the CIRP is a time bound process where timeline has been prescribed for each step. The CIRP cannot be allowed to continue for indefinite period. When Appellant has submitted the Resolution Plan which was approved on 08.11.2018, he cannot just say that he was not aware of the proceedings before the Adjudicating Authority for approval of the Resolution Plan.