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2017 (9) TMI 1946 - NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCHApproval of Resolution Plan - Seeking extension of period of completion of insolvency resolution process in accordance with Rule 12 (2) of I&B Code - HELD THAT:- The learned counsel for the applicant, however, submitted that the applicant remained in custody throughout the period in one FIR registered against him and ¡s still in custody but that cannot be a ground to consider for grant of extension of time as the order of admission and appointment of Interim Resolution Professional as proposed by the Corporate Debtor was passed in the presence of Corporate Debtor. The scope of extension of time can be only on an application made by the Interim Resolution Professional on the basis of the resolution of the Committee of Creditors as provided in sub-sections (2) and (3) of Section 12 of the Code. After expiry of 180 days or 270 days, in case extension of 90 days is granted, the only recourse is to initiate the liquidation process as provided in Chapter III of the Code. Application rejected.
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