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2021 (2) TMI 90 - AT - Insolvency and BankruptcySeeking extension of time beyond 330 days - Section 60(5) read with Section 12A of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- After hearing learned counsel for the parties and for reasons stated in the appeal that the discretion should have been exercised by the Adjudicating Authority in acceding to the request of the Resolution Professional in extending the time beyond 330 days, we are of the considered opinion that this being a fit case where indulgence of this Appellate Tribunal is warranted for extending the timelines to prevent the Corporate Debtor from being pushed into liquidation and a viable Resolution Plan being approved by the COC, allowing of appeal will promote the interest of justice - The appeal is allowed and after excluding the period of judicial intervention viz. from 25th September, 2020 till today, grant extension of time by two weeks from today.
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