Ruby Ltd. filed an application to the NCLT stating that corporate insolvency resolution process against him, cannot be completed within the 90 days under the fast track insolvency resolution process. Considering application and on being satisfied, NCLT ordered to extend the period of such process by 30 days. Later, again Ruby Ltd. initiated an application for further extension of time period of insolvency process by 15 days. Decide in the given situation, whether NCLT, can extend timelines by further 15 days.
Yes, because extension of duration in total, is not exceeding 45 days.
Yes, depends of the facts, if it is justified, NCLT may extend the timelines.
No, extension of the fast track insolvency resolution process shall not be granted more than once.
(a) & (b)