The case involves an application (IA No.283/2020) filed in CP No.(IB) 342/ALD/2018 under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), seeking an extension of the Corporate Insolvency Resolution Process (CIRP) for a period of 90 days beyond the initial 180 days. The matter was heard through video conferencing.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Baghauli Sugar & Distillery Ltd. An application, IA No.283/2020, was filed in CP No.(IB) 342/ALD/2018 under Section 12(2) of the IBC, seeking an extension of the CIRP for 90 days beyond the initial 180 days. The Committee of Creditors (CoC) approved the resolution for the extension with 72.73% voting strength in its 6th meeting held on 07.11.2020. The applicant's counsel contended that the extension was necessary. The court considered the submissions and the CoC's approval.
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Hearing of the Allahabad Bench of the…
The Committee of Creditors (CoC) approved the…
Sign in to view related legal provisions.
The case involves an application (IA No.283/2020) filed in CP No.(IB) 342/ALD/2018 under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), seeking an extension of the Corporate Insolvency Resolution Process (CIRP) for a period of 90 days beyond the initial 180 days. The matter was heard through video conferencing.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Baghauli Sugar & Distillery Ltd. An application, IA No.283/2020, was filed in CP No.(IB) 342/ALD/2018 under Section 12(2) of the IBC, seeking an extension of the CIRP for 90 days beyond the initial 180 days. The Committee of Creditors (CoC) approved the resolution for the extension with 72.73% voting strength in its 6th meeting held on 07.11.2020. The applicant's counsel contended that the extension was necessary. The court considered the submissions and the CoC's approval.
Hearing of the Allahabad Bench of the…
The Committee of Creditors (CoC) approved the…
Sign in to view related legal provisions.