The case involves an application for extending the Corporate Insolvency Resolution Process (CIRP) period for National Plywood Industries Limited (NPIL). The CIRP was initiated based on an order dated 26.08.2019. The Interim Resolution Professional (IRP) requested an extension of the 180-day CIRP period, which expired on 22.02.2020. An appeal was filed before the NCLAT challenging the initiation of CIRP, which was initially decided in favor of the Corporate Debtor but later set aside by the Supreme Court, directing the NCLAT to reconsider the matter. The Resolution Professional (RP) sought an extension of 90 days, along with a compensatory period of 25 days due to a status quo order and additional time due to the nationwide lockdown.
The Corporate Insolvency Resolution Process (CIRP) was initiated against National Plywood Industries Limited (NPIL) based on an order dated 26.08.2019. The 180-day CIRP period expired on 22.02.2020. An appeal was filed before the NCLAT challenging the initiation of CIRP, alleging it was filed beyond the limitation period. The NCLAT initially ruled that the application was within limitation, but the Supreme Court set aside this order and directed the NCLAT to reconsider the matter. A status quo order was in effect for a period of 25 days, during which the Corporate Debtor observed complete inaction. The Resolution Professional (RP) conducted a Committee of Creditors (CoC) meeting on 25.03.2020, where 71.05% of the CoC members voted in favor of applying for an extension
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Corporate Insolvency Resolution Process…
NCLAT passed an order stating that the…
The case involves an application for extending the Corporate Insolvency Resolution Process (CIRP) period for National Plywood Industries Limited (NPIL). The CIRP was initiated based on an order dated 26.08.2019. The Interim Resolution Professional (IRP) requested an extension of the 180-day CIRP period, which expired on 22.02.2020. An appeal was filed before the NCLAT challenging the initiation of CIRP, which was initially decided in favor of the Corporate Debtor but later set aside by the Supreme Court, directing the NCLAT to reconsider the matter. The Resolution Professional (RP) sought an extension of 90 days, along with a compensatory period of 25 days due to a status quo order and additional time due to the nationwide lockdown.
The Corporate Insolvency Resolution Process (CIRP) was initiated against National Plywood Industries Limited (NPIL) based on an order dated 26.08.2019. The 180-day CIRP period expired on 22.02.2020. An appeal was filed before the NCLAT challenging the initiation of CIRP, alleging it was filed beyond the limitation period. The NCLAT initially ruled that the application was within limitation, but the Supreme Court set aside this order and directed the NCLAT to reconsider the matter. A status quo order was in effect for a period of 25 days, during which the Corporate Debtor observed complete inaction. The Resolution Professional (RP) conducted a Committee of Creditors (CoC) meeting on 25.03.2020, where 71.05% of the CoC members voted in favor of applying for an extension
…Corporate Insolvency Resolution Process…
NCLAT passed an order stating that the…