NCLAT extends CIRP time beyond 330 days u/s 12 of IBC – Committee of Creditors of Trading Engineers International Ltd. Vs. Trading engineers International Ltd. Through Resolution Professional – NCLAT New Delhi
February 2, 2021
The discretion should have been exercised by the Adjudicating Authority in acceding to the request of the Resolution Professional in extending the time beyond 330 days, we are of the considered opinion that this being a fit case where indulgence of this Appellate Tribunal is warranted for extending the timelines to prevent the Corporate Debtor from being pushed into liquidation and a viable Resolution Plan being approved by the COC, allowing of appeal will promote the interest of justice. We accordingly allow the appeal and after excluding the period of judicial intervention viz. from 25th September, 2020 till today, grant extension of time by two weeks from today.