IA No.1399/2020 was filed for the extension of the Corporate Insolvency Resolution Process (CIRP) period by 90 days beyond the initial 180 days, as per Section 12(2) of the IBC. The applicant presented minutes from a CoC meeting dated 2020-08-05, where the CoC approved the CIRP extension by 90 days beyond the initial 180 days. The bench referred to a previous order, I.A. NO. 1175 OF 2020 in C.P. (IB) No. 2915 OF 2019, which allowed the exclusion of the CIRP period due to the lockdown.
The Corporate Insolvency Resolution Process (CIRP) was initiated for Kings Electronics Pvt Ltd. An application, IA No.1399/2020, was filed to extend the CIRP period by 90 days beyond the initial 180 days, citing Section 12(2) of the IBC. The Committee of Creditors (CoC) approved this extension in a meeting held on 2020-08-05. The application was filed due to delays caused by the nationwide lockdown, which impacted the appointment and functioning of the Resolution Professional (RP). The court considered a previous order (I.A. NO. 1175 OF 2020 in C.P. (IB) No. 2915 OF 2019) that allowed for the exclusion of the CIRP period due to the lockdown. The court also considered the Central Government's regulations and amendments by the IBBI, along with the decision dated
…Sign in to view the parties.
The Committee of Creditors (CoC) approved the…
Hon'ble NCLAT passed an…
Sign in to view related legal provisions.
IA No.1399/2020 was filed for the extension of the Corporate Insolvency Resolution Process (CIRP) period by 90 days beyond the initial 180 days, as per Section 12(2) of the IBC. The applicant presented minutes from a CoC meeting dated 2020-08-05, where the CoC approved the CIRP extension by 90 days beyond the initial 180 days. The bench referred to a previous order, I.A. NO. 1175 OF 2020 in C.P. (IB) No. 2915 OF 2019, which allowed the exclusion of the CIRP period due to the lockdown.
The Corporate Insolvency Resolution Process (CIRP) was initiated for Kings Electronics Pvt Ltd. An application, IA No.1399/2020, was filed to extend the CIRP period by 90 days beyond the initial 180 days, citing Section 12(2) of the IBC. The Committee of Creditors (CoC) approved this extension in a meeting held on 2020-08-05. The application was filed due to delays caused by the nationwide lockdown, which impacted the appointment and functioning of the Resolution Professional (RP). The court considered a previous order (I.A. NO. 1175 OF 2020 in C.P. (IB) No. 2915 OF 2019) that allowed for the exclusion of the CIRP period due to the lockdown. The court also considered the Central Government's regulations and amendments by the IBBI, along with the decision dated
…The Committee of Creditors (CoC) approved the…
Hon'ble NCLAT passed an…
Sign in to view related legal provisions.