The case involves an application filed by the Resolution Professional in CP(IB) No. 28/KB/2019, seeking exclusion of the lockdown period from the Corporate Insolvency Resolution Process (CIRP) period, as the 270-day CIRP had expired on May 26, 2020. The application also sought withdrawal of the main CP in light of an OTS (One-Time Settlement) agreement reached between the Financial Creditor and the Corporate Debtor. The Committee of Creditors (CoC) had approved the withdrawal of CP with 100% voting share in a meeting held on August 12, 2020.
The Resolution Professional filed an application in CP(IB) No. 28/KB/2019 seeking two primary reliefs: first, the exclusion of the lockdown period from the CIRP period, given that the 270-day CIRP had expired on May 26, 2020; and second, the withdrawal of the main CP due to an OTS settlement between the Financial Creditor and the Corporate Debtor. The CoC approved the withdrawal with 100% voting share on August 12, 2020. The application included Form FA as an annexure. The Financial Creditor reserved the right to revive the CIRP in case of default in adhering to the terms of the sanctioned compromise. The court considered the submissions of the Resolution Professional's counsel and reviewed the records before granting the reliefs sought.
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The 270-day CIR…
The Committee of Creditors (CoC) held a meeting…
The case involves an application filed by the Resolution Professional in CP(IB) No. 28/KB/2019, seeking exclusion of the lockdown period from the Corporate Insolvency Resolution Process (CIRP) period, as the 270-day CIRP had expired on May 26, 2020. The application also sought withdrawal of the main CP in light of an OTS (One-Time Settlement) agreement reached between the Financial Creditor and the Corporate Debtor. The Committee of Creditors (CoC) had approved the withdrawal of CP with 100% voting share in a meeting held on August 12, 2020.
The Resolution Professional filed an application in CP(IB) No. 28/KB/2019 seeking two primary reliefs: first, the exclusion of the lockdown period from the CIRP period, given that the 270-day CIRP had expired on May 26, 2020; and second, the withdrawal of the main CP due to an OTS settlement between the Financial Creditor and the Corporate Debtor. The CoC approved the withdrawal with 100% voting share on August 12, 2020. The application included Form FA as an annexure. The Financial Creditor reserved the right to revive the CIRP in case of default in adhering to the terms of the sanctioned compromise. The court considered the submissions of the Resolution Professional's counsel and reviewed the records before granting the reliefs sought.
The 270-day CIR…
The Committee of Creditors (CoC) held a meeting…