The case involves an Interlocutory Application (I.A. No. 1175 of 2020) filed by the Resolution Professional (RP), Mr. Anuj Jain, of Ballarpur Industries Limited (the Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks the exclusion of 129 days from the 180-day deadline for completing the Corporate Insolvency Resolution Process (CIRP). The Corporate Insolvency Resolution Process was initiated based on a Company Petition filed by Finquest Financial Solutions Private Limited under Section 7, which was admitted on 2020-01-17. Mr. Divyesh Desai was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anuj Jain on
…Finquest Financial Solutions Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Ballarpur Industries Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2020-01-17. Initially, Mr. Divyesh Desai was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anuj Jain replaced Mr. Desai as the Resolution Professional (RP) on 2020-02-20. Due to the nationwide lockdown announced on 2020-03-23, the RP faced difficulties in completing the CIRP within the stipulated 180-day period. The Committee of Creditors (CoC) of the Corporate Debtor, with a voting share of 85.59%, decided in its 7th meeting held on 2020-08-11 to file an application seeking exclusion of the
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Company Petition filed by Finquest Financial…
Mr. Anuj Jain replaced…
The case involves an Interlocutory Application (I.A. No. 1175 of 2020) filed by the Resolution Professional (RP), Mr. Anuj Jain, of Ballarpur Industries Limited (the Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks the exclusion of 129 days from the 180-day deadline for completing the Corporate Insolvency Resolution Process (CIRP). The Corporate Insolvency Resolution Process was initiated based on a Company Petition filed by Finquest Financial Solutions Private Limited under Section 7, which was admitted on 2020-01-17. Mr. Divyesh Desai was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anuj Jain on
…Finquest Financial Solutions Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Ballarpur Industries Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2020-01-17. Initially, Mr. Divyesh Desai was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anuj Jain replaced Mr. Desai as the Resolution Professional (RP) on 2020-02-20. Due to the nationwide lockdown announced on 2020-03-23, the RP faced difficulties in completing the CIRP within the stipulated 180-day period. The Committee of Creditors (CoC) of the Corporate Debtor, with a voting share of 85.59%, decided in its 7th meeting held on 2020-08-11 to file an application seeking exclusion of the
…Company Petition filed by Finquest Financial…
Mr. Anuj Jain replaced…