The case involves an application under Section 60(5) and Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional (RP) filed an application seeking exclusion of 317 days from the CIRP period due to the COVID-19 lockdown and the CoC's decision to liquidate the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 08/11/2019, and a public announcement was made. The CoC decided to liquidate the Corporate Debtor under Section 33 of the Code, but members preferred not to vote on the resolution. The extended CIRP period expired on 18/03/2021, and no resolution plan was received.
Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against RAA International Limited. The Corporate Debtor was admitted into CIRP on 08/11/2019. Public announcement was made on 25/11/2019. The Committee of Creditors (CoC) was formed, including Union Bank of India and Punjab National Bank. The RP filed an application seeking exclusion of 317 days from 24/03/2020 to 03/02/2021 due to the COVID-19 lockdown and the CoC's decision to liquidate the Corporate Debtor. The 8th CoC meeting held on 03/02/2021, the members of CoC considering bleak possibility for a resolution, in their commercial wisdom decided to liquidate the Corporate Debtor u/s. 33 of the Code. However, resolution for liquidation of the Corporate Debtor was put for voting, but the
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Corporate Debtor was…
Public announcement was made on 25/11/2019 in…
The case involves an application under Section 60(5) and Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional (RP) filed an application seeking exclusion of 317 days from the CIRP period due to the COVID-19 lockdown and the CoC's decision to liquidate the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 08/11/2019, and a public announcement was made. The CoC decided to liquidate the Corporate Debtor under Section 33 of the Code, but members preferred not to vote on the resolution. The extended CIRP period expired on 18/03/2021, and no resolution plan was received.
Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against RAA International Limited. The Corporate Debtor was admitted into CIRP on 08/11/2019. Public announcement was made on 25/11/2019. The Committee of Creditors (CoC) was formed, including Union Bank of India and Punjab National Bank. The RP filed an application seeking exclusion of 317 days from 24/03/2020 to 03/02/2021 due to the COVID-19 lockdown and the CoC's decision to liquidate the Corporate Debtor. The 8th CoC meeting held on 03/02/2021, the members of CoC considering bleak possibility for a resolution, in their commercial wisdom decided to liquidate the Corporate Debtor u/s. 33 of the Code. However, resolution for liquidation of the Corporate Debtor was put for voting, but the
…Corporate Debtor was…
Public announcement was made on 25/11/2019 in…