NCLT Ahmedabad allows IRP's application to condone a 43-day delay in filing and extends the Corporate Insolvency Resolution Process for JRA Infrastructure Limited by 90 days.
The extension was approved by the Committee of Creditors with 100% voting share following a delay caused by Axis Bank's internal approval process.
Four prospective resolution applicants have each submitted an EMD of ₹75 lakh, and the resolution plans are currently under consideration.
The Tribunal cautioned the RP and CoC members to strictly adhere to statutory timelines and avoid delays due to administrative or procedural issues.