Case Note & Summary
The case involved an appeal filed by the Resolution Professional of a Personal Guarantor against an order that rejected a request for an extension of the Personal Insolvency Resolution Process (PIRP) period. The appellant sought to extend the PIRP period by 90 days to allow for the consideration of a repayment plan submitted by a creditor. The application for extension was initially rejected on the grounds that the statutory period could not be extended. However, the Financial Creditor did not object to the extension. The Tribunal referenced a prior judgment that established the Tribunal's jurisdiction to extend the PIRP period, even though the statutory moratorium could not be extended. Consequently, the Tribunal allowed the appeal, set aside the previous order, and granted an extension of the PIRP period for 90 days from the date of the order, enabling the Resolution Professional to proceed in accordance with the law. The appeal was disposed of accordingly.
Headnote
A) Insolvency Law - Extension of PIRP Period - Jurisdiction to Extend - Insolvency and Bankruptcy Code, 2016, Section 6D(2) - The Tribunal held that it has the jurisdiction to extend the PIRP period despite the statutory moratorium being fixed. The appeal was allowed, and the order rejecting the extension was set aside, allowing an additional 90 days for the PIRP period (Paras 3-7).
Issue of Consideration
Whether the Personal Insolvency Resolution Process (PIRP) period can be extended beyond the statutory limit.
Final Decision
The Tribunal allowed the appeal, set aside the order dated 27.11.2025, and extended the PIRP period for 90 days from the date of the order.
Law Points
- Condonation of delay
- Personal Insolvency Resolution Process
- Jurisdiction to extend PIRP period
