The case involves two appeals emanating from a common order dated 23 December 2020 passed by the Adjudicating Authority/National Company Law Tribunal, Division Bench, Chennai, regarding IA No. 1001 of 2020 in IBA/1459/2019. The Adjudicating Authority allowed an application filed under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) to exclude the period from 5 May 2020 to 31 October 2020 from the Corporate Insolvency Resolution Process (CIRP) to provide benefit under Regulation 40 C due to the Covid-19 pandemic and associated lockdown.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Appu Hotels Limited on 5 May 2020, and Mr. Mukesh Kumar Gupta was appointed as Interim Resolution Professional (IRP). The IRP made a public announcement on 8 May 2020, with a last date for submission of claims on 21 May 2020. The suspended director of the Corporate Debtor filed a petition before Madras High Court challenging the NCLT order dated 5 May 2020. The High Court stayed the constitution of the Committee of Creditors (CoC) until 10 June 2020. The CoC resolved to appoint Respondent No. 1 as Resolution Professional on 4 September 2020. The Adjudicating Authority appointed the Resolution Professional on 2 November 2020. The CoC deliberated on excluding the period from 5 May 2020 to 31
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The case involves two appeals emanating from a common order dated 23 December 2020 passed by the Adjudicating Authority/National Company Law Tribunal, Division Bench, Chennai, regarding IA No. 1001 of 2020 in IBA/1459/2019. The Adjudicating Authority allowed an application filed under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) to exclude the period from 5 May 2020 to 31 October 2020 from the Corporate Insolvency Resolution Process (CIRP) to provide benefit under Regulation 40 C due to the Covid-19 pandemic and associated lockdown.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Appu Hotels Limited on 5 May 2020, and Mr. Mukesh Kumar Gupta was appointed as Interim Resolution Professional (IRP). The IRP made a public announcement on 8 May 2020, with a last date for submission of claims on 21 May 2020. The suspended director of the Corporate Debtor filed a petition before Madras High Court challenging the NCLT order dated 5 May 2020. The High Court stayed the constitution of the Committee of Creditors (CoC) until 10 June 2020. The CoC resolved to appoint Respondent No. 1 as Resolution Professional on 4 September 2020. The Adjudicating Authority appointed the Resolution Professional on 2 November 2020. The CoC deliberated on excluding the period from 5 May 2020 to 31
…Corporate Insolvency…
Order of the Adjudicatin…
Sign in to view related legal provisions.