The case involves an application for a 30-day extension to allow the Resolution Professional and the Committee of Creditors (CoC) to finalize the approval of a revised resolution plan. The initial resolution plan was rejected by the CoC on 2019-07-15. An earlier application, C.A. No. 1282(PB)/2018, highlighted that 152 days were spent extracting information from ex-directors. C.A. No. 1100(PB)/2019 sought exclusion of 30 days related to deciding C.A. No. 1282(PB)/2018. The discovery of property in June 2019 led to revisions in the information memorandum and valuation, prompting the applicant to file a revised resolution plan.
IDBI Bank Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against ACIL Ltd. under Section 7 of the Insolvency & Bankruptcy Code. An application was filed seeking a 30-day extension to finalize the approval of a revised resolution plan. The initial resolution plan was rejected by the CoC on 2019-07-15. Previously, 152 days were consumed in extracting information from ex-directors, as highlighted in C.A. No. 1282(PB)/2018. Another application, C.A. No. 1100(PB)/2019, sought exclusion of 30 days related to deciding C.A. No. 1282(PB)/2018. The discovery of property in June 2019 led to revisions in the information memorandum and valuation, prompting the applicant to file a revised resolution plan. The CoC passed a resolution with a 96.78% voting share to
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Property discovered in June 2019, leading to…
The earlier resolution…
The case involves an application for a 30-day extension to allow the Resolution Professional and the Committee of Creditors (CoC) to finalize the approval of a revised resolution plan. The initial resolution plan was rejected by the CoC on 2019-07-15. An earlier application, C.A. No. 1282(PB)/2018, highlighted that 152 days were spent extracting information from ex-directors. C.A. No. 1100(PB)/2019 sought exclusion of 30 days related to deciding C.A. No. 1282(PB)/2018. The discovery of property in June 2019 led to revisions in the information memorandum and valuation, prompting the applicant to file a revised resolution plan.
IDBI Bank Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against ACIL Ltd. under Section 7 of the Insolvency & Bankruptcy Code. An application was filed seeking a 30-day extension to finalize the approval of a revised resolution plan. The initial resolution plan was rejected by the CoC on 2019-07-15. Previously, 152 days were consumed in extracting information from ex-directors, as highlighted in C.A. No. 1282(PB)/2018. Another application, C.A. No. 1100(PB)/2019, sought exclusion of 30 days related to deciding C.A. No. 1282(PB)/2018. The discovery of property in June 2019 led to revisions in the information memorandum and valuation, prompting the applicant to file a revised resolution plan. The CoC passed a resolution with a 96.78% voting share to
…Property discovered in June 2019, leading to…
The earlier resolution…