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Judgment
This is an application filed under Section 12 read with Regulation 40 of the IBBI Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period by 30 days, i.e., from 27.06.2025 to 26.07.2025, in accordance with Section 12(2) of the IBC 2016 ("the Code"), thereby extending the total CIRP duration to 555 days.
We have perused the records and heard the submissions made by the parties.
The Learned Counsel for the Resolution Professional (RP), along with the RP, submitted that the Committee of Creditors (CoC) held its meeting on 12.06.2025, and the voting process on the resolution plan has already commenced. It was further submitted that the voting is expected to conclude within 10 days, after which the CoC will either approve the resolution plan or take a decision to proceed with liquidation, depending on the outcome.
Considering the submissions and circumstances presented in the application, and in view of the provision under Section 12(2) of the Code read with Regulation 40 of the CIRP Regulations, we find merit in granting the extension sought.
Accordingly, the CIRP period is hereby extended by 30 days, up to 26.07.2025.
The application is allowed and disposed of.
Sd/- MEMBER (T)
Sd/- MEMBER (J)