The case pertains to an application (I.A. No. 696 of 2025) in Company Appeal (AT) (Insolvency) No. 1095 of 2024, filed by the Appellant seeking an extension of time to allow the OTS proposal to be accepted by the Financial Creditors. The original appeal was dismissed on 2025-01-15. Para 14 of the original judgment allowed the Financial Creditors to file an application under Section 12-A read with Regulation 30A of IBBI Regulations within two weeks if the OTS proposal was accepted. If the OTS proposal was not accepted, the IRP was to proceed with the CIRP.
Pawan Kumar filed an appeal against Central Bank of India & Ors. The original appeal was dismissed on 2025-01-15. The Appellant submitted an OTS proposal to the Financial Creditors. The Financial Creditors were given two weeks to accept the OTS proposal and file an application under Section 12-A read with Regulation 30A of IBBI Regulations. The Appellant filed I.A. No. 696 of 2025 seeking an extension of time for the OTS proposal to be accepted. The Central Bank's counsel stated that they needed time to revise and process the proposal. The court extended the time period until 2025-02-28, after which the CIRP would commence if no application was filed.
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The original ap…
The Appellant filed I.A. No. 696 of 2025…
The case pertains to an application (I.A. No. 696 of 2025) in Company Appeal (AT) (Insolvency) No. 1095 of 2024, filed by the Appellant seeking an extension of time to allow the OTS proposal to be accepted by the Financial Creditors. The original appeal was dismissed on 2025-01-15. Para 14 of the original judgment allowed the Financial Creditors to file an application under Section 12-A read with Regulation 30A of IBBI Regulations within two weeks if the OTS proposal was accepted. If the OTS proposal was not accepted, the IRP was to proceed with the CIRP.
Pawan Kumar filed an appeal against Central Bank of India & Ors. The original appeal was dismissed on 2025-01-15. The Appellant submitted an OTS proposal to the Financial Creditors. The Financial Creditors were given two weeks to accept the OTS proposal and file an application under Section 12-A read with Regulation 30A of IBBI Regulations. The Appellant filed I.A. No. 696 of 2025 seeking an extension of time for the OTS proposal to be accepted. The Central Bank's counsel stated that they needed time to revise and process the proposal. The court extended the time period until 2025-02-28, after which the CIRP would commence if no application was filed.
The original ap…
The Appellant filed I.A. No. 696 of 2025…