The case involves an application (IA/277/2020) within the context of an insolvency resolution process (IBA/1052/2019). The applicant, the Interim Resolution Professional (IRP), seeks payment of costs and exclusion of a certain period under the Corporate Insolvency Resolution Process (CIRP). The IRP claims that the payment of costs, as directed by the Tribunal, has been delayed by the Operational Creditor during the CIRP.
The Interim Resolution Professional (IRP) filed an application (IA/277/2020) in connection with an ongoing Corporate Insolvency Resolution Process (CIRP) under IBA/1052/2019. The IRP sought the payment of costs and exclusion of a certain period under the CIRP, alleging delays by the Operational Creditor. The Tribunal noted that the application was filed prematurely as the initial 180-day period for the CIRP, as stipulated under Section 12(3) of the IBC, 2016, had not yet expired. An amendment effective from 17.08.2019 allows for extensions of 90 days plus an additional 70 days. The IRP was advised to re-apply upon the expiry of the initial 180-day period.
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Hearing held at 10.30…
Amendment to the IBC allowing for extensions of…
The case involves an application (IA/277/2020) within the context of an insolvency resolution process (IBA/1052/2019). The applicant, the Interim Resolution Professional (IRP), seeks payment of costs and exclusion of a certain period under the Corporate Insolvency Resolution Process (CIRP). The IRP claims that the payment of costs, as directed by the Tribunal, has been delayed by the Operational Creditor during the CIRP.
The Interim Resolution Professional (IRP) filed an application (IA/277/2020) in connection with an ongoing Corporate Insolvency Resolution Process (CIRP) under IBA/1052/2019. The IRP sought the payment of costs and exclusion of a certain period under the CIRP, alleging delays by the Operational Creditor. The Tribunal noted that the application was filed prematurely as the initial 180-day period for the CIRP, as stipulated under Section 12(3) of the IBC, 2016, had not yet expired. An amendment effective from 17.08.2019 allows for extensions of 90 days plus an additional 70 days. The IRP was advised to re-apply upon the expiry of the initial 180-day period.
Hearing held at 10.30…
Amendment to the IBC allowing for extensions of…