The case involves an application filed before the National Company Law Tribunal (NCLT), Mumbai Bench, by the Resolution Professional of Klassic Constructions Pvt. Ltd., a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The applicant sought an extension of the CIRP period by 90 days, as permitted under Section 12(3) of the IBC, 2016. An earlier order dated June 25, 2019, in C.P. No. 253/I&B/MB/2019, between Bank of India and Klassic Constructions Pvt. Ltd., had admitted the petition and imposed a moratorium against the Corporate Debtor. Mr. S. Gopalkrishnan was appointed as the Interim Resolution Professional.
Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Klassic Constructions Pvt. Ltd. An order was passed on June 25, 2019, admitting the petition and imposing a moratorium. The moratorium was initially set to end on December 21, 2019, after 180 days. The Resolution Professional, Mr. S. Gopalkrishnan, filed an application seeking a 90-day extension of the CIRP period. The Committee of Creditors (COC) approved the extension with 100% voting. The Resolution Professional sought the extension because the initial CIRP period was insufficient to complete the resolution process. The extension was sought under Section 12(3) of the Insolvency and Bankruptcy Code, 2016.
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An order was passed admitting the petition…
The initial moratorium…
The case involves an application filed before the National Company Law Tribunal (NCLT), Mumbai Bench, by the Resolution Professional of Klassic Constructions Pvt. Ltd., a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The applicant sought an extension of the CIRP period by 90 days, as permitted under Section 12(3) of the IBC, 2016. An earlier order dated June 25, 2019, in C.P. No. 253/I&B/MB/2019, between Bank of India and Klassic Constructions Pvt. Ltd., had admitted the petition and imposed a moratorium against the Corporate Debtor. Mr. S. Gopalkrishnan was appointed as the Interim Resolution Professional.
Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Klassic Constructions Pvt. Ltd. An order was passed on June 25, 2019, admitting the petition and imposing a moratorium. The moratorium was initially set to end on December 21, 2019, after 180 days. The Resolution Professional, Mr. S. Gopalkrishnan, filed an application seeking a 90-day extension of the CIRP period. The Committee of Creditors (COC) approved the extension with 100% voting. The Resolution Professional sought the extension because the initial CIRP period was insufficient to complete the resolution process. The extension was sought under Section 12(3) of the Insolvency and Bankruptcy Code, 2016.
An order was passed admitting the petition…
The initial moratorium…