NCLAT allows extension of Time to Complete Insolvency resolution process

M/s. Alpha Corp Development Pvt. Ltd. Vs M/s. Earth Infrastructure Ltd. (NCALT) In terms of third proviso of sub-section (3) of Section 12, as we find that the ‘Corporate Insolvency Resolution Process’ of the ‘Corporate Debtor’ is pending and has not been completed within the period referred to in the second proviso, we hold that the ‘Corporate Insolvency Resolution Process’ is to be completed within another period of 90 days from the date of commencement of Insolvency & Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019. In view of the fact that the period has...