The case involves an application filed by the Resolution Professional seeking an extension of time by 90 days for the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated after the admission of CP No. (IB)-1040(PB)/2018 on 05.12.2018. The extension was sought to allow the prospective resolution applicant to comply with the provisions of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) had resolved in its meeting held on 10.05.2019 to authorize the resolution professional to file the application for extension of time.
Edelweiss Asset Reconstruction Company Ltd. and Edelweiss Finvest Pvt. Ltd. filed an application under Section 7 of the IBC, 2016 against Rational Buildcon Pvt. Ltd., leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). CP No. (IB)-1040(PB)/2018 was admitted on 05.12.2018. To encourage the prospective resolution applicant to comply with the provisions of the Code, the CoC, in its meeting held on 10.05.2019, authorized the resolution professional to file an application for a 90-day extension of the CIRP timeline, from 03.06.2019 to 01.09.2019. The CoC's decision was supported by a 100% voting share. The Resolution Professional then filed CA-1036(PB)/2019 seeking this extension.
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CP No. (IB)-1040(PB)/2018 was admitted,…
The Committee of Creditors (CoC) resolved to…
The case involves an application filed by the Resolution Professional seeking an extension of time by 90 days for the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated after the admission of CP No. (IB)-1040(PB)/2018 on 05.12.2018. The extension was sought to allow the prospective resolution applicant to comply with the provisions of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) had resolved in its meeting held on 10.05.2019 to authorize the resolution professional to file the application for extension of time.
Edelweiss Asset Reconstruction Company Ltd. and Edelweiss Finvest Pvt. Ltd. filed an application under Section 7 of the IBC, 2016 against Rational Buildcon Pvt. Ltd., leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). CP No. (IB)-1040(PB)/2018 was admitted on 05.12.2018. To encourage the prospective resolution applicant to comply with the provisions of the Code, the CoC, in its meeting held on 10.05.2019, authorized the resolution professional to file an application for a 90-day extension of the CIRP timeline, from 03.06.2019 to 01.09.2019. The CoC's decision was supported by a 100% voting share. The Resolution Professional then filed CA-1036(PB)/2019 seeking this extension.
CP No. (IB)-1040(PB)/2018 was admitted,…
The Committee of Creditors (CoC) resolved to…