The application was filed by the Resolution Professional seeking exclusion of time of 90 days in relation to the Corporate Insolvency Resolution Process (CIRP) initiated by the Tribunal on 27.11.2018. The reasons given for the exclusion of time after the period of 90 days are that the adjudicating authority approved the appointment of the Resolution Professional, and the order was received only on 7.2.2019, even though approved by the Committee of Creditors (CoC) on 07.01.2019, delaying the CIRP period. Also, a cyclonic storm had struck the Odisha Coast, affecting the operations of the Corporate Debtor (CD). The CoC in its 10th meeting held on 12.6.2019 decided to seek exclusion of the time period, with 85.97% of the Members of the CoC approving the exclusion of 4
…The Resolution Professional filed an application seeking exclusion of 90 days from the CIRP period. The CIRP was initiated on 27.11.2018. The delay was due to the adjudicating authority's order approving the Resolution Professional's appointment being received late (7.2.2019), even though the CoC approved it earlier (07.01.2019). A cyclonic storm also affected the Corporate Debtor's operations in Odisha. The CoC approved seeking a 4-month exclusion. The application sought to extend the CIRP completion to 24.11.2019. The 270-day period expired on 24.8.2019. The recent amendment to IBC, 2016 mandates CIRP completion within 330 days. The 330-day period expires on 16.11.2019.
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The application was filed by the Resolution Professional seeking exclusion of time of 90 days in relation to the Corporate Insolvency Resolution Process (CIRP) initiated by the Tribunal on 27.11.2018. The reasons given for the exclusion of time after the period of 90 days are that the adjudicating authority approved the appointment of the Resolution Professional, and the order was received only on 7.2.2019, even though approved by the Committee of Creditors (CoC) on 07.01.2019, delaying the CIRP period. Also, a cyclonic storm had struck the Odisha Coast, affecting the operations of the Corporate Debtor (CD). The CoC in its 10th meeting held on 12.6.2019 decided to seek exclusion of the time period, with 85.97% of the Members of the CoC approving the exclusion of 4
…The Resolution Professional filed an application seeking exclusion of 90 days from the CIRP period. The CIRP was initiated on 27.11.2018. The delay was due to the adjudicating authority's order approving the Resolution Professional's appointment being received late (7.2.2019), even though the CoC approved it earlier (07.01.2019). A cyclonic storm also affected the Corporate Debtor's operations in Odisha. The CoC approved seeking a 4-month exclusion. The application sought to extend the CIRP completion to 24.11.2019. The 270-day period expired on 24.8.2019. The recent amendment to IBC, 2016 mandates CIRP completion within 330 days. The 330-day period expires on 16.11.2019.
Corporate Insolvency…
Committee of Creditors…