When Resolution Plans were received in the process which were required to be considered, for the purpose of fulfilling the object of IBC, the Adjudicating Authority ought to have been granted exclusion/extension of time – Nimai Gautam Shah RP of Sintex Plastics Technology Ltd. Vs. RBL Bank Ltd. – NCLAT New Delhi

In the CIRP time extension application, Hon’ble NCLAT holds that the mere fact that earlier IRP was also competent to carry out process but it was not done, was not relevant consideration. More so when Resolution Plans were received in the process which were required to be considered, for the purpose of fulfilling the object of the IBC, the Adjudicating Authority ought to have been granted exclusion/extension of time. It is further submitted that by that date 330 days’ period was not over.

When Resolution Plans were received in the process which were required to be considered, for the purpose of fulfilling the object of IBC, the Adjudicating Authority ought to have been granted exclusion/extension of time – Nimai Gautam Shah RP of Sintex Plastics Technology Ltd. Vs. RBL Bank Ltd. – NCLAT New Delhi Read Post »