The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, regarding the Corporate Insolvency Resolution Process (CIRP) initiated against Piyush Colonisers Ltd. The CIRP was initiated, and the 90-day period had concluded on 2019-12-29. Subsequently, 66 home-buyers filed claims, which were admitted as of 2020-02-25. The Resolution Professional (RP) sought clarification regarding Sub-regulation (3) of Regulation 12 of the CIRP Regulations, 2016, specifically concerning the admission of claims by financial creditors and creditors in a class after the expiry of the 90-day period.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Piyush Colonisers Ltd. Under Section 7 of the IBC, 2016. The initial 90-day period for CIRP concluded on 2019-12-29. Following this, 66 home-buyers filed claims, which were admitted as of 2020-02-25. The Resolution Professional (RP) sought clarification regarding the interpretation of Regulation 12(3) of the CIRP Regulations, 2016, specifically concerning the admission of claims by financial creditors and creditors in a class after the initial 90-day period. The court noted that sub-regulation (3) of Regulation 12 does not explicitly refer to Regulation 8A, potentially affecting the rights of financial creditors belonging to a class of creditors. The relevance of these facts lies in determining
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The 90-day period for the Corporate Insolvency…
66 home-buyer…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, regarding the Corporate Insolvency Resolution Process (CIRP) initiated against Piyush Colonisers Ltd. The CIRP was initiated, and the 90-day period had concluded on 2019-12-29. Subsequently, 66 home-buyers filed claims, which were admitted as of 2020-02-25. The Resolution Professional (RP) sought clarification regarding Sub-regulation (3) of Regulation 12 of the CIRP Regulations, 2016, specifically concerning the admission of claims by financial creditors and creditors in a class after the expiry of the 90-day period.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Piyush Colonisers Ltd. Under Section 7 of the IBC, 2016. The initial 90-day period for CIRP concluded on 2019-12-29. Following this, 66 home-buyers filed claims, which were admitted as of 2020-02-25. The Resolution Professional (RP) sought clarification regarding the interpretation of Regulation 12(3) of the CIRP Regulations, 2016, specifically concerning the admission of claims by financial creditors and creditors in a class after the initial 90-day period. The court noted that sub-regulation (3) of Regulation 12 does not explicitly refer to Regulation 8A, potentially affecting the rights of financial creditors belonging to a class of creditors. The relevance of these facts lies in determining
…The 90-day period for the Corporate Insolvency…
66 home-buyer…