NCLT grants exclusion of 854 days to Resolution Professional; directs completion of CIRP
The RP sought exclusion of the time it took for NCLT to decide the applications filed under Section 19 of the IBC regarding the non-cooperation by the Company.
Time Extension
Supreme Court sets aside Calcutta HC judgment denying extension of arbitration mandate beyond deadline for making an award; Directs fresh adjudication of petition
In the Judgment dated 12-09-2024, Supreme Court had held that an application for extension of time for passing an arbitral award under Section 29A (4) read with Section 29A (5) is maintainable even after the expiry of the twelve-month or the extended six-month period. The court, while adjudicating such extension applications will be guided by the principle of sufficient cause.