The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai) regarding the Corporate Insolvency Resolution Process (CIRP) of Frontier Lifeline Private Limited. The CIRP was initiated against Frontier Lifeline Private Limited, with First Step Ventures Limited filing a resolution plan. The Committee of Creditors (CoC) did not consider the resolution plan due to the completion of the 270-day CIRP period. The Resolution Professional filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of 43 days from the CIRP period. This application was dismissed by the Adjudicating Authority, leading to the appeal.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Frontier Lifeline Private Limited, identified as the 'Corporate Debtor'. First Step Ventures Limited, the 'Appellant', submitted a 'Resolution Plan'. The 'Committee of Creditors' (CoC) did not consider the 'Resolution Plan' because the 270-day 'Corporate Insolvency Resolution Process' period had expired. The 'Resolution Professional' of 'Frontier Lifeline Private Limited' then filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to exclude 43 days from the CIRP period, specifically from April 29, 2019, to June 10, 2019. This request was based on a decision by the 'Committee of Creditors'. The Adjudicating Authority (National Company Law Tribunal), Division
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The Resolution…
The Resolution…
The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai) regarding the Corporate Insolvency Resolution Process (CIRP) of Frontier Lifeline Private Limited. The CIRP was initiated against Frontier Lifeline Private Limited, with First Step Ventures Limited filing a resolution plan. The Committee of Creditors (CoC) did not consider the resolution plan due to the completion of the 270-day CIRP period. The Resolution Professional filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of 43 days from the CIRP period. This application was dismissed by the Adjudicating Authority, leading to the appeal.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Frontier Lifeline Private Limited, identified as the 'Corporate Debtor'. First Step Ventures Limited, the 'Appellant', submitted a 'Resolution Plan'. The 'Committee of Creditors' (CoC) did not consider the 'Resolution Plan' because the 270-day 'Corporate Insolvency Resolution Process' period had expired. The 'Resolution Professional' of 'Frontier Lifeline Private Limited' then filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to exclude 43 days from the CIRP period, specifically from April 29, 2019, to June 10, 2019. This request was based on a decision by the 'Committee of Creditors'. The Adjudicating Authority (National Company Law Tribunal), Division
…The Resolution…
The Resolution…