The case pertains to MA 1183/2019 filed in C.P.(IB)-1340/MB/2017 under Section 60(5) of the Insolvency & Bankruptcy Code, 2016. The application was filed by Mr. Naren Sheth, the Resolution Professional, seeking exclusion of 245 days from the CIRP period. An order was passed on 04.10.2017 admitting the petition of Mr. Sanjay Talashi Mamaniya, the Financial Creditor, against GGS Infrastructure Private Limited, the Corporate Debtor. An interim order dated 02.04.2018 granted a 90-day extension under Section 12(3) of the Code. There were delays in the resolution process, including revisions to the Resolution Plan and a substitution of the Resolution Professional.
Mr. Sanjay Talashi Mamaniya, a Financial Creditor, initiated a corporate insolvency resolution process (CIRP) against GGS Infrastructure Private Limited. The petition was admitted on 04.10.2017. Mr. Naren Sheth was later appointed as the Resolution Professional (RP). Due to delays in the process, including revisions to the Resolution Plan and a substitution of the RP, an application (MA 1183/2019) was filed seeking the exclusion of 245 days from the CIRP period. The delays were attributed to factors such as the CoC's need for time to consider the revised Resolution Plan and the substitution of the RP following an order by the Disciplinary Committee of IBBI. The RP argued that these delays were beyond their control and warranted exclusion from the CIRP timeline to
…Sign in to view the parties.
Order passed admitting the petition of Mr.…
90 days extension…
The case pertains to MA 1183/2019 filed in C.P.(IB)-1340/MB/2017 under Section 60(5) of the Insolvency & Bankruptcy Code, 2016. The application was filed by Mr. Naren Sheth, the Resolution Professional, seeking exclusion of 245 days from the CIRP period. An order was passed on 04.10.2017 admitting the petition of Mr. Sanjay Talashi Mamaniya, the Financial Creditor, against GGS Infrastructure Private Limited, the Corporate Debtor. An interim order dated 02.04.2018 granted a 90-day extension under Section 12(3) of the Code. There were delays in the resolution process, including revisions to the Resolution Plan and a substitution of the Resolution Professional.
Mr. Sanjay Talashi Mamaniya, a Financial Creditor, initiated a corporate insolvency resolution process (CIRP) against GGS Infrastructure Private Limited. The petition was admitted on 04.10.2017. Mr. Naren Sheth was later appointed as the Resolution Professional (RP). Due to delays in the process, including revisions to the Resolution Plan and a substitution of the RP, an application (MA 1183/2019) was filed seeking the exclusion of 245 days from the CIRP period. The delays were attributed to factors such as the CoC's need for time to consider the revised Resolution Plan and the substitution of the RP following an order by the Disciplinary Committee of IBBI. The RP argued that these delays were beyond their control and warranted exclusion from the CIRP timeline to
…Order passed admitting the petition of Mr.…
90 days extension…