The appeal arises from an order dated 27.11.2024, passed by the Adjudicating Authority, National Company Law Tribunal, Ahmedabad Bench-II, approving a resolution plan for the Corporate Debtor. The Appellant, an Operational Creditor, challenges the approval of the resolution plan, alleging violations of Section 12 of the Insolvency and Bankruptcy Code (IBC) due to repeated extensions of the Corporate Insolvency Resolution Process (CIRP) beyond 330 days and procedural irregularities.
The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 07.12.2022, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (CoC) comprising two Secured Financial Creditors and two Unsecured Financial Creditors. The first CoC meeting was held on 13.01.2023. Form-G was published on 10.03.2023. The initial CIRP period of 180 days expired on 05.06.2023, and the Resolution Professional (RP) filed an application for an extension, which was granted for 90 days on 19.06.2023. The CoC resolved to extend the CIRP period beyond 270 days on 29.08.2023, which was allowed by the Adjudicating Authority on 06.10.2023. The 17th CoC meeting on 19.10.2023 directed the RP to file for a further
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CIRP of the Corporate…
The first CoC…
The appeal arises from an order dated 27.11.2024, passed by the Adjudicating Authority, National Company Law Tribunal, Ahmedabad Bench-II, approving a resolution plan for the Corporate Debtor. The Appellant, an Operational Creditor, challenges the approval of the resolution plan, alleging violations of Section 12 of the Insolvency and Bankruptcy Code (IBC) due to repeated extensions of the Corporate Insolvency Resolution Process (CIRP) beyond 330 days and procedural irregularities.
The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 07.12.2022, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (CoC) comprising two Secured Financial Creditors and two Unsecured Financial Creditors. The first CoC meeting was held on 13.01.2023. Form-G was published on 10.03.2023. The initial CIRP period of 180 days expired on 05.06.2023, and the Resolution Professional (RP) filed an application for an extension, which was granted for 90 days on 19.06.2023. The CoC resolved to extend the CIRP period beyond 270 days on 29.08.2023, which was allowed by the Adjudicating Authority on 06.10.2023. The 17th CoC meeting on 19.10.2023 directed the RP to file for a further
…CIRP of the Corporate…
The first CoC…