There is no provision in Insolvency Code for extension of PPIRP Time limit under Section 54D of IBC – Vikash Gautamchand Jain RP of Kethos Tiles Pvt. Ltd. – NCLT Ahmedabad Bench
Hon’ble NCLT Ahmedabad Bench held that a plain reading of Section 54D of IBC reveals that a time period of 120 days from the date of commencement of PPIRP is provided in the Act. As per Section 54D(3), if no Resolution Plan is approved by CoC the RP shall file an Application for Termination of PPIRP. Contrary to the Section Resolution Professional in the present matter has filed an Application seeking extension of time.