The appellant, the Resolution Professional of M/s Bhatia Global Trading Limited (Corporate Debtor), filed an appeal against a part of the order dated November 16, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad in I.A. 372/2017 in C.P. (I.B) No. 18/7/NCLT/AHM/2017. The appellant's request to extend the Corporate Insolvency Resolution Process (CIRP) beyond 180 days for an additional 90 days was partially allowed, granting only 30 days beyond November 19, 2017.
The Resolution Professional of M/s Bhatia Global Trading Limited (Corporate Debtor) appealed against the Adjudicating Authority's order, which partially allowed an extension of the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority granted only 30 days beyond November 19, 2017, whereas the appellant requested 90 days. The Committee of Creditors (CoC) had resolved to seek more time to complete the CIRP. The Corporate Debtor had submitted a Resolution Plan, but it was deemed unacceptable. The Financial Creditor (IDBI Bank) was notified, and its representative appeared in person, also requesting an extension of time. The amendment made in Section 29A of the Insolvency and Bankruptcy Code and the ordinance dated November 23, 2017, which imposed
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The Adjudicating Authority (National Company…
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The appellant, the Resolution Professional of M/s Bhatia Global Trading Limited (Corporate Debtor), filed an appeal against a part of the order dated November 16, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad in I.A. 372/2017 in C.P. (I.B) No. 18/7/NCLT/AHM/2017. The appellant's request to extend the Corporate Insolvency Resolution Process (CIRP) beyond 180 days for an additional 90 days was partially allowed, granting only 30 days beyond November 19, 2017.
The Resolution Professional of M/s Bhatia Global Trading Limited (Corporate Debtor) appealed against the Adjudicating Authority's order, which partially allowed an extension of the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority granted only 30 days beyond November 19, 2017, whereas the appellant requested 90 days. The Committee of Creditors (CoC) had resolved to seek more time to complete the CIRP. The Corporate Debtor had submitted a Resolution Plan, but it was deemed unacceptable. The Financial Creditor (IDBI Bank) was notified, and its representative appeared in person, also requesting an extension of time. The amendment made in Section 29A of the Insolvency and Bankruptcy Code and the ordinance dated November 23, 2017, which imposed
…The Adjudicating Authority (National Company…
The Committee of Creditors held a meeting and…
Sign in to view related legal provisions.