Maximum period for CIRP is 330 days but in exceptional cases the extension can be granted even beyond 330 days – Neel Metal Products Ltd. Vs. CA Nirav Tarkas & Anr. – NCLAT New Delhi
The Adjudicating Authority in the order has observed that in the 15th meeting of the CoC held on 17.05.2022, CoC in its commercial wisdom decided and resolved to call for fresh bids and after deliberation resolved for seeking extension of 60 days. The said decision to invite fresh bids was taken with 100% voting shares of the CoC. The CoC in its commercial wisdom has taken decision to call for fresh bids for which purpose 60 days’ extension has been granted. We are of the view that in exercise of our appellate jurisdiction, no grounds have been made out to interfere with the decision taken by the Adjudicating Authority granting 60 days. It is well settled that maximum period for CIRP is 330 days but in exceptional cases the extension can be granted even beyond 330 days. Present is a case where revised plans have been invited in commercial wisdom of CoC. Hence, we do not find any error in the order to entertain this Appeal.
