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2021 (7) TMI 1311 - Tri - Insolvency and BankruptcySeeking extension of CIRP period - HELD THAT - It appears from record that assets of the Corporate Debtor attached by CBI and ED and they are not yet released. In such situation, we feel that CIRP cannot prolonged on such ground for indefinite period. This application stands disposed of.
The National Company Law Tribunal, Ahmedabad, extended the period for Corporate Insolvency Resolution Process (CIRP) but emphasized that it cannot be prolonged indefinitely due to assets being attached by CBI and ED. The tribunal directed the Resolution Professional to complete the CIRP process as per the law. IA 453 of 2021 for extension of period was disposed of.
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