In a move that could potentially enable in finding a suitor under the corporate insolvency resolution process (CIRP), the National Company Law Tribunal-Hyderabad has extended the deadline to evaluate some plans.

The Hyderabad-based hospitality chain Viceroy Hotels Limited may perhaps find a suitor, with the NCLT extending the deadline for resolving the case.

The Judicial Member Ratakonda Murali, while allowing a petition to permit extension of period by exuding 45 days for counting the CIRP process, allowed Resolution Professional (RP) and the Committee of Creditors additional time.

The time period was extended to enable the Resolution Professional and CoC to review the Resolutions Plans which have been already filed.

The NCLT felt that since the time extension was required to enable the CoC to consider the Resolutions Plans which have already been received by the RP, this was fit case to allow the extend deadline. The CoC will now be able to examine five plans and take an appropriate decision.

After admitting a petition moved by Asset Reconstruction Company (India) Limited, who is the financial creditor, the NCLT had appointed K Koteswara Rao as Interim Resolution Professional and later had extended the period of resolution by 90 days beyond the 180 days permitted for the process.

Since the CIRP period ended on December 6, a separate petition was moved by the debtor to extend the deadline and facilitate in finding an appropriate resolution plan.

Among the suitors are Mahal Hotels, which had submitted a revised resolution Plan. All the five resolution plans were sent to BDO for certification of eligibility criterion.

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