The case involves an application (MA/111/KOB/2020 in IBA/38/KOB/2019) filed by the Resolution Professional (RP), Vinod Balachandran, in the matter of M/s. Sanghvi Movers Ltd against M/s Albanna Engineering (India) Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, and the applicant was appointed as the Interim Resolution Professional (IRP). The IRP was later appointed as the Resolution Professional (RP) of the Corporate Debtor. The RP sought exemption of the lockdown and containment period, up to 31.08.2020, and any continuation thereafter, from being counted in the timeline for completing the resolution process of the respondent, citing Section 40 C of the Insolvency and Bankruptcy
…1. An application (MA/111/KOB/2020 in IBA/38/KOB/2019) was filed by the Resolution Professional (RP), Vinod Balachandran, in the matter of M/s. Sanghvi Movers Ltd against M/s Albanna Engineering (India) Pvt. Ltd.
2. The CIRP was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, and the applicant was appointed as the Interim Resolution Professional (IRP) vide order dated 25.10.2019.
3. The IRP was later appointed as the Resolution Professional (RP) of the Corporate Debtor, as per the Committee of Creditors meeting held on 25.11.2019.
4. The applicant submitted that the 180 days' time limit prescribed under Section 12 (1) of the Code expired on 28.04.2020.
5. The Central Government declared a lockdown on 25.03.2020 due to the COVID-19 pandemic.
6. The
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Section 9 application admitted, applicant…
IRP appointed as…
The case involves an application (MA/111/KOB/2020 in IBA/38/KOB/2019) filed by the Resolution Professional (RP), Vinod Balachandran, in the matter of M/s. Sanghvi Movers Ltd against M/s Albanna Engineering (India) Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, and the applicant was appointed as the Interim Resolution Professional (IRP). The IRP was later appointed as the Resolution Professional (RP) of the Corporate Debtor. The RP sought exemption of the lockdown and containment period, up to 31.08.2020, and any continuation thereafter, from being counted in the timeline for completing the resolution process of the respondent, citing Section 40 C of the Insolvency and Bankruptcy
…1. An application (MA/111/KOB/2020 in IBA/38/KOB/2019) was filed by the Resolution Professional (RP), Vinod Balachandran, in the matter of M/s. Sanghvi Movers Ltd against M/s Albanna Engineering (India) Pvt. Ltd.
2. The CIRP was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, and the applicant was appointed as the Interim Resolution Professional (IRP) vide order dated 25.10.2019.
3. The IRP was later appointed as the Resolution Professional (RP) of the Corporate Debtor, as per the Committee of Creditors meeting held on 25.11.2019.
4. The applicant submitted that the 180 days' time limit prescribed under Section 12 (1) of the Code expired on 28.04.2020.
5. The Central Government declared a lockdown on 25.03.2020 due to the COVID-19 pandemic.
6. The
Section 9 application admitted, applicant…
IRP appointed as…