National Company Law Tribunal, Mumbai: In an application filed by the Resolution Professional (‘the RP’) for Vijay Suraksha Realty LLP (‘the Company’) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) seeking exclusion of 854 days and an extension of 60 days, the Two-Member Bench of Lakshmi Gurung ,Judicial Member and Hariharan Neelakanta Iyer, Technical Member, allowed the application, considering that the resolution plans were under active consideration and grant of the extension would result in the RP filing the plan approval application.
Background
It was contended that the RP, had filed two interlocutory applications (‘IAs’) under Section 19 of the IBC before the NCLT since the suspended director…
