Whether the approval of the CoC under Section 12(2) of the Code is mandatory for seeking exclusion of time even if it is sought on grounds of lockdown/time lost during the period of any Stay/Status Quo /or for any other reason – Indiabulls Housing Finance Ltd. Vs. Sandeep Chandna, IRP of Ambience Pvt. Ltd. – NCLAT New Delhi
This is important decision of NCLAT which defines different between exclusion and extension of time period u/s 12 of IBC, clarify question on replacement of IRP/RP such as no provision under the Code which empowers one of the Members of the CoC to approach this Tribunal seeking replacement of the IRP or RP and clarify contempt proceedings.
