The case involves applications filed requesting the Tribunal to permit the Resolution Professional (RP) to exclude a period of 20 days from the statutory 270-day period for completing the insolvency resolution process. One application was filed by the General Secretary of Adhunik Metaliks Karmachari Sangh, seeking exclusion of 130 days. State Bank of India initiated the Corporate Insolvency Resolution Process (CIRP) against Adhunik Metaliks Limited due to debt default. The CIRP was admitted on August 3, 2017, and Mr. Sumit Binani was appointed as the Interim Resolution Professional (IRP), later confirmed as RP.
State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Adhunik Metaliks Limited due to default in debt repayment. The CIRP was admitted on August 3, 2017, and Sumit Binani was appointed as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP). The statutory period of 270 days for CIRP was initially set to end on January 29, 2018, but was extended by 90 days until April 29, 2018. The RP received a resolution plan from Liberty House Group on March 6, 2018, which was presented to the Committee of Creditors (CoC) on April 13, 2018. On April 19, 2018, the RP and CoC discovered that Liberty House Group was ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC). The RP sought
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The case involves applications filed requesting the Tribunal to permit the Resolution Professional (RP) to exclude a period of 20 days from the statutory 270-day period for completing the insolvency resolution process. One application was filed by the General Secretary of Adhunik Metaliks Karmachari Sangh, seeking exclusion of 130 days. State Bank of India initiated the Corporate Insolvency Resolution Process (CIRP) against Adhunik Metaliks Limited due to debt default. The CIRP was admitted on August 3, 2017, and Mr. Sumit Binani was appointed as the Interim Resolution Professional (IRP), later confirmed as RP.
State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Adhunik Metaliks Limited due to default in debt repayment. The CIRP was admitted on August 3, 2017, and Sumit Binani was appointed as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP). The statutory period of 270 days for CIRP was initially set to end on January 29, 2018, but was extended by 90 days until April 29, 2018. The RP received a resolution plan from Liberty House Group on March 6, 2018, which was presented to the Committee of Creditors (CoC) on April 13, 2018. On April 19, 2018, the RP and CoC discovered that Liberty House Group was ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC). The RP sought
…Tribunal admitted Corporate Insolvency…
Tribunal exten…
Sign in to view related legal provisions.