Greenergy Wind Corporation Pvt Ltd filed an interlocutory application (IA No. 511/2020) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking permission to participate in the Corporate Insolvency Resolution Process (CIRP) of Lanco Hoskote Highway Limited. The applicant claimed they were unaware of the CIRP and missed the deadline for submitting an Expression of Interest (EOI). The Resolution Professional (RP) opposed the application, citing that the EOI deadline had passed and two resolution plans were already under consideration. The applicant argued that the CIRP period was extended due to the COVID-19 pandemic and no prejudice would be caused if they were allowed to participate.
Greenergy Wind Corporation Pvt Ltd, the applicant, sought to participate in the CIRP of Lanco Hoskote Highway Limited, the corporate debtor. The CIRP commenced on 17.10.2019. The invitation for Expression of Interest (EOI) was published on 17.12.2019, with an initial deadline of 01.01.2020, later extended to 13.01.2020 and then to 06.03.2020. The deadline for submitting the resolution plan was 27.02.2020, extended to 06.04.2020 and then to 20.05.2020. The applicant claimed unawareness of the CIRP until recently and sought permission to submit a resolution plan. The Resolution Professional (RP) opposed, stating that the EOI deadline had passed, two resolution plans were already under consideration, and the Committee of Creditors (COC) had finalized one resolution plan
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Corporate Insolvency Resolution Process (CIRP)…
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Greenergy Wind Corporation Pvt Ltd filed an interlocutory application (IA No. 511/2020) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking permission to participate in the Corporate Insolvency Resolution Process (CIRP) of Lanco Hoskote Highway Limited. The applicant claimed they were unaware of the CIRP and missed the deadline for submitting an Expression of Interest (EOI). The Resolution Professional (RP) opposed the application, citing that the EOI deadline had passed and two resolution plans were already under consideration. The applicant argued that the CIRP period was extended due to the COVID-19 pandemic and no prejudice would be caused if they were allowed to participate.
Greenergy Wind Corporation Pvt Ltd, the applicant, sought to participate in the CIRP of Lanco Hoskote Highway Limited, the corporate debtor. The CIRP commenced on 17.10.2019. The invitation for Expression of Interest (EOI) was published on 17.12.2019, with an initial deadline of 01.01.2020, later extended to 13.01.2020 and then to 06.03.2020. The deadline for submitting the resolution plan was 27.02.2020, extended to 06.04.2020 and then to 20.05.2020. The applicant claimed unawareness of the CIRP until recently and sought permission to submit a resolution plan. The Resolution Professional (RP) opposed, stating that the EOI deadline had passed, two resolution plans were already under consideration, and the Committee of Creditors (COC) had finalized one resolution plan
…Corporate Insolvency Resolution Process (CIRP)…
Public announcement…