NCLT extends CIRP periods by 7 months for compliance of IBBI amendments and filing fresh Resolution Plan – IDBI Bank Ltd. Vs. Speck Systems Ltd. – NCLT Hyderabad Bench
In this case, Counsel for the Petitioner RP Mr. Amir Bavani submitted that post approval of the resolution plan by the CoC, IBBI has brought in certain amendments to CIRP regulations and the same necessitated certain amendments to the resolution plan as such the Tribunal may grant leave to the applicant for withdrawal of the above IA with liberty to submit the fresh resolution plan in conformity with the amendments, after securing the approval by the CoC. The Adjudicating Authority held that the petitioner can be granted leave to withdraw the present application enabling the RP to submit a fresh resolution plan in conformity with the amendments made, in interests of the justice and in the interests of maximization the assets of the Corporate Debtor.