National Company Law Appellate Tribunal
At New Delhi
Company Appeal (AT) (Insolvency) No. 482 of 2020
The ‘resolution plan’ of Resolution Applicant has been approved by the ‘Committee of Creditors’ along with the process of approval of the Resolution Plan by CoC was completed within the extended timelines.
The Resolution Professional for filing application under section 31 of Insolvency & Bankruptcy Code for placing the approved ‘resolution plan’ before the Adjudicating Authority for approval within a span of ONE day was improbable on account of legal formalities.
Extension of 10 days beyond 330 days was held to be just and proper.