RP cannot unilaterally alter Resolution Plan timelines

In the CIRP of Revital Reality, RP Gaurav Katiyar permitted a PRA to revise its resolution plan after the CoC-approved deadline had expired, without obtaining prior CoC approval. 

He also proposed deletion of the requirement that a PRA must have delivered 5 lakh sq. ft. of real estate in the preceding five financial years, without recording why this substantive eligibility condition was being removed. 

IBBI held that subsequent CoC approval could not retrospectively validate the extension and that CoC approval of revised eligibility criteria did not absolve the RP of his independent duty to document the rationale for a material change. His registration was suspended for two years.