NCLAT allows 45 days extension to complete CIRP as a Final Extension

The NCLAT has granted a "final extension" of 45 days to complete the CIRP. This decision, a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a company can be held responsible for the misdeeds of another person. The court's decision is a crucial reminder to all that they must be diligent in their dealings. The move is a significant step towards a more user-friendly and less intrusive business environment, is aimed at promoting business growth while being sensitive to the practical difficulties faced by businesses.