The appeal concerns the calculation of the 180-day period for the Corporate Insolvency Resolution Process (CIRP). The core issue revolves around whether the period should be counted from the date of admission or from the date the Resolution Professional (RP) gains knowledge of their appointment. The case also considers situations where there is a gap between the knowledge of the RP and the actual date of admission, and whether this gap should be excluded from the calculation. The Adjudicating Authority's order was challenged, leading to this appeal.
The case involves an appeal regarding the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The key facts are: 1. The primary issue is how to calculate the 180-day period for CIRP, specifically whether it should be counted from the date of admission or the date the Resolution Professional (RP) gains knowledge. 2. There was a gap of 30 days between the admission of the application on August 16, 2017, and the RP taking charge on September 14, 2017. 3. The Adjudicating Authority passed an order on March 16, 2018, which was challenged in this appeal. 4. The Appellate Tribunal considered a similar issue in the 'Quinn Logistics India Pvt. Ltd.' case. 5. The RP was informed and took over the charge after 30 days of admission.
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The appeal concerns the calculation of the 180-day period for the Corporate Insolvency Resolution Process (CIRP). The core issue revolves around whether the period should be counted from the date of admission or from the date the Resolution Professional (RP) gains knowledge of their appointment. The case also considers situations where there is a gap between the knowledge of the RP and the actual date of admission, and whether this gap should be excluded from the calculation. The Adjudicating Authority's order was challenged, leading to this appeal.
The case involves an appeal regarding the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The key facts are: 1. The primary issue is how to calculate the 180-day period for CIRP, specifically whether it should be counted from the date of admission or the date the Resolution Professional (RP) gains knowledge. 2. There was a gap of 30 days between the admission of the application on August 16, 2017, and the RP taking charge on September 14, 2017. 3. The Adjudicating Authority passed an order on March 16, 2018, which was challenged in this appeal. 4. The Appellate Tribunal considered a similar issue in the 'Quinn Logistics India Pvt. Ltd.' case. 5. The RP was informed and took over the charge after 30 days of admission.
The case was a…
The Resolution…
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