Extension of time for payment is not modification of resolution plan: NCLAT

Cosmos Cooperative Bank Ltd. Vs Edelweiss Asset Reconstruction Company Ltd. & Ors. (NCLAT Delhi)

The case of Cosmos Cooperative Bank Ltd. vs. Edelweiss Asset Reconstruction Company Ltd. & Ors. before the National Company Law Tribunal (NCLT) revolves around the resolution process of S.K. Wheels Private Limited under the Insolvency and Bankruptcy Code, 2016 (IBC). The core issue is whether the extension of time granted to the Resolution Applicant for payment constitutes a modification of the resolution plan, leading to liquidation.

The facts are as follows: The Corpora

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