NCLAT Upholds Extension of 90 Days Beyond 300-Day Limit for CIRP

Ramneek Goel Vs Sunil Bajaj (NCLAT Delhi) NCLAT held that the Adjudicating Authority rightly granted an extension of 90 days period after expiry of 300 days for fresh issuance of Form-G and completion of CIRP process. Facts- CIRP against the Corporate Debtor – Nexgen Laminators Private Limited commenced by order dated 25.11.2019. FormG was issued by the RP on 08.02.2020 and 30.06.2020. In response to Form-G published on 30.06.2020, the Appellant submitted his EOI. The Appellant was asked by the CoC to improve the Resolution Plan. The Appellant offered Rs.24.51 crores. On Application filed by...