The case involves an application filed by the Resolution Professional (RP) of MBS Impex Pvt Ltd, seeking exclusion of the lockdown period due to COVID-19 from the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by ICICI Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The RP faced non-cooperation from the Corporate Debtor in providing necessary information and records for the CIRP. The RP also sought directions from the Tribunal to the respondents (directors of the Corporate Debtor) to extend cooperation and hand over custody of assets and accounting records.
ICICI Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against MBS Impex Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 13.11.2019, and Mr. Sridhar Venkatraya Sundararaja was appointed as the Interim Resolution Professional (IRP). Later, Mr. Santosh Bhatia was appointed as the Resolution Professional (RP). The RP filed an Interlocutory Application (IA No. 797/2020) seeking exclusion of the lockdown period (25.03.2020 to 30.09.2020) due to COVID-19 from the CIRP timeline. The RP claimed non-cooperation from the Corporate Debtor in providing necessary information and records. The Central Government issued orders prescribing lockdown in all parts of the country from 25.03.2020, which was further
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Petition admitted, and…
IRP informed COC that…
The case involves an application filed by the Resolution Professional (RP) of MBS Impex Pvt Ltd, seeking exclusion of the lockdown period due to COVID-19 from the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by ICICI Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The RP faced non-cooperation from the Corporate Debtor in providing necessary information and records for the CIRP. The RP also sought directions from the Tribunal to the respondents (directors of the Corporate Debtor) to extend cooperation and hand over custody of assets and accounting records.
ICICI Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against MBS Impex Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 13.11.2019, and Mr. Sridhar Venkatraya Sundararaja was appointed as the Interim Resolution Professional (IRP). Later, Mr. Santosh Bhatia was appointed as the Resolution Professional (RP). The RP filed an Interlocutory Application (IA No. 797/2020) seeking exclusion of the lockdown period (25.03.2020 to 30.09.2020) due to COVID-19 from the CIRP timeline. The RP claimed non-cooperation from the Corporate Debtor in providing necessary information and records. The Central Government issued orders prescribing lockdown in all parts of the country from 25.03.2020, which was further
…Petition admitted, and…
IRP informed COC that…