The case involves an appeal against an order of the Adjudicating Authority (National Company Law Tribunal, Chennai) dated 01.10.2021, which initiated liquidation proceedings against Shriram Land Development P Ltd. The appellant, Bangalore Land & Homes Ltd, challenged this order, arguing that the Adjudicating Authority incorrectly calculated the Corporate Insolvency Resolution Process (CIRP) period. The appellant contended that the exclusion of certain periods, as directed by the Supreme Court, was not properly considered, leading to a premature order of liquidation.
Bangalore Land & Homes Ltd. filed an appeal against the order dated 01.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Chennai) in IA No.1331/IB/2020 in CP/IBA/863/2019. The impugned order initiated liquidation proceedings against Shriram Land Development P Ltd. The appellant argued that the Adjudicating Authority incorrectly calculated the CIRP period, stating that only 177 days of the 330-day CIRP period had been completed, considering the Supreme Court's order to exclude certain periods due to the pandemic. The CoC had resolved to extend the CIRP period. The appellant contended that the Adjudicating Authority erred by concluding that the 330-day CIRP period had expired, leading to the liquidation order. Milestone had filed a recovery
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The case involves an appeal against an order of the Adjudicating Authority (National Company Law Tribunal, Chennai) dated 01.10.2021, which initiated liquidation proceedings against Shriram Land Development P Ltd. The appellant, Bangalore Land & Homes Ltd, challenged this order, arguing that the Adjudicating Authority incorrectly calculated the Corporate Insolvency Resolution Process (CIRP) period. The appellant contended that the exclusion of certain periods, as directed by the Supreme Court, was not properly considered, leading to a premature order of liquidation.
Bangalore Land & Homes Ltd. filed an appeal against the order dated 01.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Chennai) in IA No.1331/IB/2020 in CP/IBA/863/2019. The impugned order initiated liquidation proceedings against Shriram Land Development P Ltd. The appellant argued that the Adjudicating Authority incorrectly calculated the CIRP period, stating that only 177 days of the 330-day CIRP period had been completed, considering the Supreme Court's order to exclude certain periods due to the pandemic. The CoC had resolved to extend the CIRP period. The appellant contended that the Adjudicating Authority erred by concluding that the 330-day CIRP period had expired, leading to the liquidation order. Milestone had filed a recovery
…CIRP of th…
The CoC in its 4th…
Sign in to view related legal provisions.