BSC Bank filed an application for initiating Corporate Insolvency Resolution Process (CIRP) against one of its borrower company M/s Moon Storm Pvt. Ltd., in the National Company Law Tribunal (NCLT). The NCLT allowed the

Section 12 of the Insolvency and Bankruptcy Code, 2016, which deals with the time limit for completion of insolvency resolution process and provides that: The corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process, The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of sixty-six per cent. of the voting shares. On receipt of an application, if the Adjudicating Authority is satisfied that the subject matter of the case is such that corporate insolvency resolution process cannot be completed within one hundred and eighty days, it may by order extend the duration of such process beyond one hundred and eighty days by such further period as it thinks fit, but not exceeding ninety days: Provided that any extension of the period of corporate insolvency resolution process under this section shall not be granted more than once. In terms of section 27 of the Code, where, at any time during the corporate insolvency resolution process, the Committee of Creditors (COC) is of the opinion that a resolution professional appointed is required to be replaced, it may replace him with another resolution professional. In terms of section 30, 31 & 33 of the Code, after completion of 270 days NCLT may either approve the Resolution Plan, if any, as approved by COC or if there is no plan approved, the NCLT pass an order of liquidation. The given case is similar to Sanjay Kumar Ruiav. Catholic Syrian Bank Ltd. & Anr. (Company Appeal (AT) (Insolvency) No. 560 of 2018) where it was held that the NCLT had no jurisdiction to proceed with the 'Corporate Insolvency Resolution Process' beyond the period of 270 days. After completion of 270 days, the Committee of Creditors ceased to exist and thereby they have no jurisdiction to replace a Resolution Professional. Therefore, Committee of Creditors has no jurisdiction to replace Resolution Professional after 270 days in the present case.