There has to be some limit for claiming exclusion from CIRP Time limit – Tara Chand Meenia RP for Maha Associated Hotels Pvt. Ltd. – NCLAT New Delhi

In this case, the RP of Maha Associated Hotels Pvt. Ltd. filed IA for exclusion of 1149 days from the CIRP period which was rejected by Adjudicating Authority.

In appeal, Hon’ble NCLAT holds that insofar as prayer for exclusion of 1149 days, it has rightly been rejected by the Adjudicating Authority. There has to be some limit for claiming exclusion. Thus, we are of the view that insofar as the order of the Adjudicating Authority rejecting the prayer of exclusion 1149 days does not require any interference.

However, on request of Resolution Professional that as a last resource 60 days’ time be allowed to enable the issuance of fresh Form-G and in event any EoI is received, the process will be completed, failing which appropriate steps will be taken by the RP himself for liquidation of the Corporate Debtor, Hon’ble NCLAT grants 60 days’ time for issuance of Form-G and taking steps to complete the process, if any, within 60 days from today, failing which RP shall file an appropriate application for liquidation of the Corporate Debtor.

There has to be some limit for claiming exclusion from CIRP Time limit – Tara Chand Meenia RP for Maha Associated Hotels Pvt. Ltd. – NCLAT New Delhi Read Post »