The case involves an application (IA(IB) 496/KB/2021) filed by Glix Securities Private Limited, the Successful Resolution Applicant of R.D. Rubber Reclaim Limited (Corporate Debtor), seeking an extension of timelines for the implementation of the Resolution Plan. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 25.01.2019. The Resolution Plan was submitted on 04.11.2020 and approved on 06.11.2020. The applicant seeks an extension of sixty days for making the first two tranches of payments as per the Resolution Plan, citing the second wave of the Covid-19 pandemic as a cause for disruption.
Glix Securities Private Limited, the Successful Resolution Applicant for R.D. Rubber Reclaim Limited, filed an application seeking an extension of time to implement the resolution plan. The Corporate Debtor, R.D. Rubber Reclaim Limited, entered CIRP on 25.01.2019. The Resolution Plan was submitted on 04.11.2020 and approved by the CoC on 06.11.2020 and by the Adjudicating Authority on 11.05.2021. The applicant cited the second wave of the Covid-19 pandemic as a reason for the delay, which disrupted business activities and cash flow. A theft occurred at the Corporate Debtor's Jamshedpur factory premises, but the applicant assured that this application is not related to the theft. The Resolution Plan requires the Applicant to make payments of ₹1,99,94,835/- within ten
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Corporate Debtor, R.D. Rubber Reclaim…
The Applicant s…
The case involves an application (IA(IB) 496/KB/2021) filed by Glix Securities Private Limited, the Successful Resolution Applicant of R.D. Rubber Reclaim Limited (Corporate Debtor), seeking an extension of timelines for the implementation of the Resolution Plan. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 25.01.2019. The Resolution Plan was submitted on 04.11.2020 and approved on 06.11.2020. The applicant seeks an extension of sixty days for making the first two tranches of payments as per the Resolution Plan, citing the second wave of the Covid-19 pandemic as a cause for disruption.
Glix Securities Private Limited, the Successful Resolution Applicant for R.D. Rubber Reclaim Limited, filed an application seeking an extension of time to implement the resolution plan. The Corporate Debtor, R.D. Rubber Reclaim Limited, entered CIRP on 25.01.2019. The Resolution Plan was submitted on 04.11.2020 and approved by the CoC on 06.11.2020 and by the Adjudicating Authority on 11.05.2021. The applicant cited the second wave of the Covid-19 pandemic as a reason for the delay, which disrupted business activities and cash flow. A theft occurred at the Corporate Debtor's Jamshedpur factory premises, but the applicant assured that this application is not related to the theft. The Resolution Plan requires the Applicant to make payments of ₹1,99,94,835/- within ten
…Corporate Debtor, R.D. Rubber Reclaim…
The Applicant s…