The Resolution Professional of the Corporate Debtor filed an IA under Section 12(2) of the Insolvency & Bankruptcy Code, 2016, seeking an extension of time for the Corporate Insolvency Resolution Process. The CoC passed a resolution in its fifth meeting dated 17.01.2020 to seek an extension of time. The CoC members consented to the extension of the Corporate Insolvency Resolution Process by 90 days beyond the initial 180 days, with 84% majority voting.
The Resolution Professional (RP) for Khyati Food Pvt Ltd filed an Interlocutory Application (IA) seeking an extension of time for the Corporate Insolvency Resolution Process (CIRP) under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP period of 180 days had expired on 21.01.2020. The application was filed on 03.02.2020. The Committee of Creditors (CoC) had passed a resolution on 17.01.2020 in its fifth meeting to seek the extension. The CoC members consented to a 90-day extension beyond the initial 180 days with 84% majority voting. The court found sufficient reasons to grant the extension, considering the request bonafide and convincing.
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The CoC passed a resolution in its fifth…
The initial 180-day…
The Resolution Professional of the Corporate Debtor filed an IA under Section 12(2) of the Insolvency & Bankruptcy Code, 2016, seeking an extension of time for the Corporate Insolvency Resolution Process. The CoC passed a resolution in its fifth meeting dated 17.01.2020 to seek an extension of time. The CoC members consented to the extension of the Corporate Insolvency Resolution Process by 90 days beyond the initial 180 days, with 84% majority voting.
The Resolution Professional (RP) for Khyati Food Pvt Ltd filed an Interlocutory Application (IA) seeking an extension of time for the Corporate Insolvency Resolution Process (CIRP) under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP period of 180 days had expired on 21.01.2020. The application was filed on 03.02.2020. The Committee of Creditors (CoC) had passed a resolution on 17.01.2020 in its fifth meeting to seek the extension. The CoC members consented to a 90-day extension beyond the initial 180 days with 84% majority voting. The court found sufficient reasons to grant the extension, considering the request bonafide and convincing.
The CoC passed a resolution in its fifth…
The initial 180-day…