The case involves an Interlocutory Application (IA No.56/2021) filed by the Resolution Professional (RP) of the Corporate Debtor, Concept Eduventures Pvt. Ltd., seeking exclusion of 168 days from the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated on 26.02.2020. The RP's application is based on Section 60(5)(c) of the IBC, 2016, read with Rule 11 of NCLT Rules, citing the second wave of COVID-19 and directions from the Hon'ble Supreme Court. The CoC had resolved to liquidate the Corporate Debtor due to the absence of a resolution plan, but the Bench directed the RP to explore resolution possibilities, leading to the receipt of two EOIs from prospective resolution applicants.
The Corporate Insolvency Resolution Process (CIRP) was initiated for Concept Eduventures Pvt. Ltd. on 26.02.2020. Mr. Amit Pareek was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC), with M/s. Volkswagen Finance Pvt. Ltd. as the sole financial creditor, resolved to replace Mr. Amit Pareek with Mr. Kamal Agarwal. Mr. Kamal Agarwal was appointed as the RP on 09.12.2020. The estimated date of closure of the CIRP was initially 23.08.2020, but the RP sought an exclusion of 130 days, which was granted, extending the closure date to 01.01.2021. Subsequently, the RP filed an application for a further extension of 90 days, which was also granted, extending the closure date to
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The case involves an Interlocutory Application (IA No.56/2021) filed by the Resolution Professional (RP) of the Corporate Debtor, Concept Eduventures Pvt. Ltd., seeking exclusion of 168 days from the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated on 26.02.2020. The RP's application is based on Section 60(5)(c) of the IBC, 2016, read with Rule 11 of NCLT Rules, citing the second wave of COVID-19 and directions from the Hon'ble Supreme Court. The CoC had resolved to liquidate the Corporate Debtor due to the absence of a resolution plan, but the Bench directed the RP to explore resolution possibilities, leading to the receipt of two EOIs from prospective resolution applicants.
The Corporate Insolvency Resolution Process (CIRP) was initiated for Concept Eduventures Pvt. Ltd. on 26.02.2020. Mr. Amit Pareek was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC), with M/s. Volkswagen Finance Pvt. Ltd. as the sole financial creditor, resolved to replace Mr. Amit Pareek with Mr. Kamal Agarwal. Mr. Kamal Agarwal was appointed as the RP on 09.12.2020. The estimated date of closure of the CIRP was initially 23.08.2020, but the RP sought an exclusion of 130 days, which was granted, extending the closure date to 01.01.2021. Subsequently, the RP filed an application for a further extension of 90 days, which was also granted, extending the closure date to
…Order for initiation of…
First Meeting of the…