The application CA-269(PB)/2019 was filed for the exclusion of 45 days from the Corporate Insolvency Resolution Process (CIRP) period. The application stated that the Committee of Creditors (CoC) consists of home buyers, and during e-voting, only 1.4% of the CoC voted in the 2nd meeting held on December 24, 2018, even after the voting window was kept open for 67 hours. Consequently, the Resolution Professional (RP) could not proceed with calling for Expressions of Interest (EOIs) for resolution plans. After persuasion, in the 3rd meeting of the CoC held on February 7, 2019, the voting agenda item was voted upon by 100% of the voting share. Subsequent to February 7, 2019, the RP could only proceed to publish Form-G on February 9, 2019, in compliance with Regulation 36A.
…An application was filed to exclude 45 days from the CIRP period. The CoC consists of home buyers. Only 1.4% of the CoC voted in the 2nd meeting held on 2018-12-24, even after a 67-hour voting window. The RP could not call for EOIs for resolution plans. In the 3rd CoC meeting held on 2019-02-07, the voting agenda was approved by 100% of the voting share. The RP published Form-G on 2019-02-09. There was a deadlock from 2018-12-24 to 2019-02-07. The relevance of these facts is that they demonstrate a delay in the CIRP process due to low voter turnout and subsequent deadlock, justifying the request for exclusion of 45 days from the CIRP period.
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Only 1.4% of the CoC voted during e-voting,…
The voting agenda item…
The application CA-269(PB)/2019 was filed for the exclusion of 45 days from the Corporate Insolvency Resolution Process (CIRP) period. The application stated that the Committee of Creditors (CoC) consists of home buyers, and during e-voting, only 1.4% of the CoC voted in the 2nd meeting held on December 24, 2018, even after the voting window was kept open for 67 hours. Consequently, the Resolution Professional (RP) could not proceed with calling for Expressions of Interest (EOIs) for resolution plans. After persuasion, in the 3rd meeting of the CoC held on February 7, 2019, the voting agenda item was voted upon by 100% of the voting share. Subsequent to February 7, 2019, the RP could only proceed to publish Form-G on February 9, 2019, in compliance with Regulation 36A.
…An application was filed to exclude 45 days from the CIRP period. The CoC consists of home buyers. Only 1.4% of the CoC voted in the 2nd meeting held on 2018-12-24, even after a 67-hour voting window. The RP could not call for EOIs for resolution plans. In the 3rd CoC meeting held on 2019-02-07, the voting agenda was approved by 100% of the voting share. The RP published Form-G on 2019-02-09. There was a deadlock from 2018-12-24 to 2019-02-07. The relevance of these facts is that they demonstrate a delay in the CIRP process due to low voter turnout and subsequent deadlock, justifying the request for exclusion of 45 days from the CIRP period.
Only 1.4% of the CoC voted during e-voting,…
The voting agenda item…