Extension of time to complete CIRP will commence from the date on which the Adjudicating Authority passed the order for such extension

On February 21, 2024, the Hon’ble National Company Law Appellate Tribunal, Chennai (“NCLAT”) in the case of Kiran Martin Gulla RP of Vardharaja Foods Pvt. Ltd. held that when an extension to complete the corporate insolvency resolution process (“CIRP”) is granted by the Adjudicating Authority, then such period will be calculated form the date on which the Adjudicating Authority passes such an order.

Brief Facts

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, Debtor, Insolvency and Bankruptcy Board of India, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Authors:
Varghese Thomas , Fatema Kachwalla , Virgil Braganza
Location:
India
Firm:
JSA