National Company Law Tribunal (NCLT) declined to extend the deadline for finalizing a rescue plan for the insolvent firm beyond the mandatory 270-day period allowed under India’s new bankruptcy code.

Gujarat NRE Coke, which had voluntarily moved the NCLT propounding itself insolvent, asked the bench to dismiss its petition because resolution plan can’t be accomplished within the given time frame.

With reference to the Insolvency and Bankruptcy Code, resolution professionals are initially given 180 days to prepare a rescue plan. This is extendable by 90 days, but the authority of the resolution professional cannot be extended exceeding 270 days.

Source: Livemint