The New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) allowed a 45 days extension to complete the Corporate Insolvency Resolution Process (CIRP). The extension was to receive the final plans and complete the voting therein.
.ASREC (India) Ltd, the appellant challenged the order dated 30.06.2025, by which application was filed by the RP for extension of 90 days time beyond 18.04.2025 was rejected. In paragraph 39 of the judgment, adjudicating authority has given reasons for rejecting the extension of 90 days as prayed for.
Counsel for the appellant challenging the order submitted that in the Corporate Insolvency Resolution Process (CIRP), 6 resolution plans have already been received and he…