IDBI Bank Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Pawar Electro Systems Private Limited. The Resolution Professional (RP) filed an application (IA 737/2020) in C.P.(IB) 1587/MB/2019 seeking an extension of the CIRP period under Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was supported by a resolution passed by the Committee of Creditors (CoC) with a 100% vote share in a meeting held on February 15, 2020. The applicant's counsel submitted that the CIRP period was ending on March 21, 2020, and requested a 90-day extension. The relevance of these facts is that they form the basis for the NCLT's decision to extend the CIRP period.

IDBI Bank Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Pawar Electro Systems Private Limited. The Resolution Professional (RP) filed an application (IA 737/2020) in C.P.(IB) 1587/MB/2019 seeking an extension of the CIRP period under Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was supported by a resolution passed by the Committee of Creditors (CoC) with a 100% vote share in a meeting held on February 15, 2020. The applicant's counsel submitted that the CIRP period was ending on March 21, 2020, and requested a 90-day extension. The relevance of these facts is that they form the basis for the NCLT's decision to extend the CIRP period.