The case involves an application (IA No.129/JPR/2020) filed in CP IB No.156/9/JPR/2019 by the Resolution Professional of R.S. Motors Pvt. Ltd. seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated against R.S. Motors Pvt. Ltd. on 30.09.2019. The initial 180-day period expired on 27.03.2020. Due to the COVID-19 lockdown imposed from 25.03.2020 to 30.06.2020, the Resolution Professional sought to exclude this period from the CIRP timeline and requested a 90-day extension beyond the initial 180 days. IA No.147/JPR/2020 was filed seeking urgent hearing of IA No.129/JPR/2020.
The Corporate Insolvency Resolution Process (CIRP) was initiated against R.S. Motors Pvt. Ltd. on 30.09.2019 (CP No.IB 156/9/JPR/2019). The initial 180-day CIRP period was set to expire on 27.03.2020. However, a nationwide lockdown was imposed due to the COVID-19 pandemic, effective from 25.03.2020 until 30.06.2020. The Resolution Professional of R.S. Motors Pvt. Ltd. filed IA No.129/JPR/2020 seeking an extension of the CIRP period by excluding the lockdown period. The application was filed under Section 12(2) of the Insolvency and Bankruptcy Code (IBC) read with Regulation 40 of the IBBI Regulations, 2016. The minutes of the Committee of Creditors (CoC) meeting held on 09.03.2020, seeking extension of time, were enclosed as Annexure A-1 to the IA. The applicant also
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Corporate Insolvency Resolution Process (CIRP)…
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The case involves an application (IA No.129/JPR/2020) filed in CP IB No.156/9/JPR/2019 by the Resolution Professional of R.S. Motors Pvt. Ltd. seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated against R.S. Motors Pvt. Ltd. on 30.09.2019. The initial 180-day period expired on 27.03.2020. Due to the COVID-19 lockdown imposed from 25.03.2020 to 30.06.2020, the Resolution Professional sought to exclude this period from the CIRP timeline and requested a 90-day extension beyond the initial 180 days. IA No.147/JPR/2020 was filed seeking urgent hearing of IA No.129/JPR/2020.
The Corporate Insolvency Resolution Process (CIRP) was initiated against R.S. Motors Pvt. Ltd. on 30.09.2019 (CP No.IB 156/9/JPR/2019). The initial 180-day CIRP period was set to expire on 27.03.2020. However, a nationwide lockdown was imposed due to the COVID-19 pandemic, effective from 25.03.2020 until 30.06.2020. The Resolution Professional of R.S. Motors Pvt. Ltd. filed IA No.129/JPR/2020 seeking an extension of the CIRP period by excluding the lockdown period. The application was filed under Section 12(2) of the Insolvency and Bankruptcy Code (IBC) read with Regulation 40 of the IBBI Regulations, 2016. The minutes of the Committee of Creditors (CoC) meeting held on 09.03.2020, seeking extension of time, were enclosed as Annexure A-1 to the IA. The applicant also
…Corporate Insolvency Resolution Process (CIRP)…
Committee of Creditors…