The application, IA No. 182/2020 in CP No. (IB) 356/ALD/2019, was filed by the Resolution Professional (RP) under Section 12(2) and (3) of the IBC, 2016, along with regulation 40 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and rule 11 of the NCLT Rules, 2016. The RP sought an extension of the Corporate Insolvency Resolution Process (CIRP) beyond the initial 180-day period for an additional 90 days, which was scheduled to end on 07.09.2020. The RP contended that the lockdown due to the COVID-19 pandemic prevented the completion of the insolvency process within the prescribed timeframe. They requested an exemption for the lockdown period from 25.03.2020 to 31.05.2020.
The Resolution Professional (RP) filed IA No. 182/2020 in CP No. (IB) 356/ALD/2019 seeking an extension of the Corporate Insolvency Resolution Process (CIRP) for Chaudhary Ingots Pvt Ltd. The initial 180-day CIRP period was nearing its end on 07.09.2020. The RP argued that the COVID-19 pandemic and the ensuing lockdown had disrupted the process, making it impossible to complete within the original timeframe. The RP requested a 90-day extension and an exemption for the lockdown period from 25.03.2020 to 31.05.2020. The application was based on Section 12(2) and (3) of the IBC, 2016, regulation 40 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and rule 11 of the NCLT Rules, 2016. The court found the reasons presented by the RP to be
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The lockdown period,…
The lockdown period,…
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The application, IA No. 182/2020 in CP No. (IB) 356/ALD/2019, was filed by the Resolution Professional (RP) under Section 12(2) and (3) of the IBC, 2016, along with regulation 40 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and rule 11 of the NCLT Rules, 2016. The RP sought an extension of the Corporate Insolvency Resolution Process (CIRP) beyond the initial 180-day period for an additional 90 days, which was scheduled to end on 07.09.2020. The RP contended that the lockdown due to the COVID-19 pandemic prevented the completion of the insolvency process within the prescribed timeframe. They requested an exemption for the lockdown period from 25.03.2020 to 31.05.2020.
The Resolution Professional (RP) filed IA No. 182/2020 in CP No. (IB) 356/ALD/2019 seeking an extension of the Corporate Insolvency Resolution Process (CIRP) for Chaudhary Ingots Pvt Ltd. The initial 180-day CIRP period was nearing its end on 07.09.2020. The RP argued that the COVID-19 pandemic and the ensuing lockdown had disrupted the process, making it impossible to complete within the original timeframe. The RP requested a 90-day extension and an exemption for the lockdown period from 25.03.2020 to 31.05.2020. The application was based on Section 12(2) and (3) of the IBC, 2016, regulation 40 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and rule 11 of the NCLT Rules, 2016. The court found the reasons presented by the RP to be
…The lockdown period,…
The lockdown period,…
Sign in to view related legal provisions.