Adjudicating Authority Can Extend Time Limit Of PPIRP Beyond 120 Days: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), held that expiration of 120 days does not lead to automatic termination of Pre Packaged Insolvency Resolution Process (PPIRP) if sufficient cause is shown. In this case, PPIRP of the corporate debtor was initiated by...