The application was filed by the Promoter Director of the Corporate Debtor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rules 11, 15, and 32 of the NCLT Rules, 2016, seeking various reliefs. The applicant brought to the Tribunal's notice the Supreme Court's decision regarding the extension of limitation due to the COVID-19 pandemic. The applicant contended that the CIRP of the Corporate Debtor could end after the submission of the Resolution Plan by the applicant and its consideration by the Committee of Creditors (CoC).
The Promoter Director of the Corporate Debtor filed an application under Section 60(5) of the IBC, seeking reliefs. The applicant referred to the Supreme Court's decision on the extension of limitation due to COVID-19. The Tribunal had previously ordered the applicant to submit a Resolution Plan within two weeks, which expired on May 4, 2021. As of the hearing date, the applicant had not submitted the Resolution Plan. The Resolution Professional was willing to accept the plan if a short extension was granted. The applicant sought an extension to submit the Resolution Plan.
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Tribunal passed an order in IA/64/KOB/2021…
The period granted to the applicant to submit…
The application was filed by the Promoter Director of the Corporate Debtor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rules 11, 15, and 32 of the NCLT Rules, 2016, seeking various reliefs. The applicant brought to the Tribunal's notice the Supreme Court's decision regarding the extension of limitation due to the COVID-19 pandemic. The applicant contended that the CIRP of the Corporate Debtor could end after the submission of the Resolution Plan by the applicant and its consideration by the Committee of Creditors (CoC).
The Promoter Director of the Corporate Debtor filed an application under Section 60(5) of the IBC, seeking reliefs. The applicant referred to the Supreme Court's decision on the extension of limitation due to COVID-19. The Tribunal had previously ordered the applicant to submit a Resolution Plan within two weeks, which expired on May 4, 2021. As of the hearing date, the applicant had not submitted the Resolution Plan. The Resolution Professional was willing to accept the plan if a short extension was granted. The applicant sought an extension to submit the Resolution Plan.
Tribunal passed an order in IA/64/KOB/2021…
The period granted to the applicant to submit…