The case involves an application (IA No. 784 of 2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) for KSL Industries Ltd. The Resolution Professional (RP), Mr. Kiran Shah, sought an extension of the CIRP period by 233 days, arguing that legal proceedings and non-cooperation from secured financial creditors had significantly delayed the process. The CIRP had commenced on 06.09.2019, and even after excluding a lockdown period of 68 days, the maximum CIRP period of 330 days had expired on 08.10.2020. The RP's appointment was necessitated by a stalemate among the Committee of Creditors (CoC) regarding voting shares, leading the Adjudicating Authority to appoint an independent RP. The erstwhile IRP, Mr. Anil Kumar, had filed an appeal before
…The Corporate Insolvency Resolution Process (CIRP) for KSL Industries Ltd. commenced on 06.09.2019. Kiran Shah was appointed as the independent Resolution Professional (RP) on 28.07.2020, following a stalemate among the Committee of Creditors (CoC) regarding voting shares. The maximum CIRP period of 330 days expired on 08.10.2020, even after excluding a 68-day lockdown period. The RP filed IA No. 784 of 2020 seeking a 233-day extension of the CIRP period, citing delays caused by legal proceedings and non-cooperation from secured financial creditors. The erstwhile IRP, Anil Kumar, had filed an appeal before the NCLAT, resulting in a status quo order that was misinterpreted by the secured financial creditors, obstructing the CIRP. The NCLAT clarified that the status quo
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The Adjudicating Authority granted a 90-day…
The case involves an application (IA No. 784 of 2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) for KSL Industries Ltd. The Resolution Professional (RP), Mr. Kiran Shah, sought an extension of the CIRP period by 233 days, arguing that legal proceedings and non-cooperation from secured financial creditors had significantly delayed the process. The CIRP had commenced on 06.09.2019, and even after excluding a lockdown period of 68 days, the maximum CIRP period of 330 days had expired on 08.10.2020. The RP's appointment was necessitated by a stalemate among the Committee of Creditors (CoC) regarding voting shares, leading the Adjudicating Authority to appoint an independent RP. The erstwhile IRP, Mr. Anil Kumar, had filed an appeal before
…The Corporate Insolvency Resolution Process (CIRP) for KSL Industries Ltd. commenced on 06.09.2019. Kiran Shah was appointed as the independent Resolution Professional (RP) on 28.07.2020, following a stalemate among the Committee of Creditors (CoC) regarding voting shares. The maximum CIRP period of 330 days expired on 08.10.2020, even after excluding a 68-day lockdown period. The RP filed IA No. 784 of 2020 seeking a 233-day extension of the CIRP period, citing delays caused by legal proceedings and non-cooperation from secured financial creditors. The erstwhile IRP, Anil Kumar, had filed an appeal before the NCLAT, resulting in a status quo order that was misinterpreted by the secured financial creditors, obstructing the CIRP. The NCLAT clarified that the status quo
…The Corporate…
The Adjudicating Authority granted a 90-day…