Amit Pareek vs Respondents
- CitationComp. App. (AT) (Ins) No. 1014 of 2024
Ratio decidendi
The rule this decision rests on
The Appellate Tribunal, having earlier directed completion of the corporate insolvency resolution process within 90 days, may extend that time limit where the Resolution Professional shows that resolution plans have been received and there is a likelihood of reviving the corporate debtor, and that the extension is necessary to complete the process.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Comp. App. (AT) (Ins) No. 1014 of 2024 IN THE MATTER OF: Amit Pareek ...Appellants RP of National Plywood Industries Ltd. Versus --- ...Respondents
Present: For Appellant : PCS Suraj Sharma, Advocate. For Respondents : None.
ORDER
(Hybrid Mode)
21.05.2024: This appeal has been filed against the impugned order dated 13.5.2024 by which IA filed by the Appellant and Resolution Professional of the Corporate Debtor for extension of time has been disposed of by granting liberty to the appellant to file an application before the NCLAT. By our judgment dated 08.02.2024, we have directed for completion of CIRP within 90 days.
The Resolution Professional has filed the application before the Adjudicating Authority seeking that two resolution plans have been received and likelihood for revival of the Corporate Debtor hence the time be extended for 45 days for completion of CIR Process. Application was disposed of on 13.5.2024 granting liberty to file the application, consequently this appeal has been filed.
We find sufficient cause has been made out for extension of CIRP. As prayed, 45 days' time is allowed to RP to complete the process w.e.f. today.
The appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) Harleen/NN
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