The case pertains to IA No. 394/2020 and 395/2020 in CP (IB) No. 486/Chd/Hry/2019, an admitted matter under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional of M/s Sainsons Pulp and Papers Limited filed IA No. 395/2020 seeking exclusion of the lockdown period from 23.03.2020 to 31.07.2020 from the CIRP period. The CIRP was initiated against the corporate debtor when CP (IB) No. 486/Chd/Hry/2019 was admitted on 03.03.2020. Due to the Covid-19 pandemic and the nationwide lockdown, the initial period of 180 days expired on 30.08.2020, and the resolution of the corporate debtor could not be completed.
M/s Sainsons Pulp and Papers Limited is the financial creditor. Manjul Mittal is the Resolution Professional and applicant. CP (IB) No. 486/Chd/Hry/2019 was admitted on 03.03.2020, initiating the CIRP against the corporate debtor. Due to the Covid-19 pandemic and the nationwide lockdown imposed from 25.03.2020 to 31.07.2020, the initial 180-day period for the CIRP expired on 30.08.2020, and the resolution process could not be completed. IA No. 395/2020 was filed seeking exclusion of the lockdown period from the CIRP timeline. The Supreme Court in Suo Motu Writ Petition (Civil) No(s).3/2020 extended the period of limitation. The NCLAT in Suo Moto-Company Appeal (AT) (Insolvency) No.01 of 2020 addressed the hardships faced due to the lockdown. The IBBI inserted
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CP (IB) No. 486/Chd/Hry/…
CP (IB) No. 486/Chd/Hry/2019 was admitted,…
The case pertains to IA No. 394/2020 and 395/2020 in CP (IB) No. 486/Chd/Hry/2019, an admitted matter under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional of M/s Sainsons Pulp and Papers Limited filed IA No. 395/2020 seeking exclusion of the lockdown period from 23.03.2020 to 31.07.2020 from the CIRP period. The CIRP was initiated against the corporate debtor when CP (IB) No. 486/Chd/Hry/2019 was admitted on 03.03.2020. Due to the Covid-19 pandemic and the nationwide lockdown, the initial period of 180 days expired on 30.08.2020, and the resolution of the corporate debtor could not be completed.
M/s Sainsons Pulp and Papers Limited is the financial creditor. Manjul Mittal is the Resolution Professional and applicant. CP (IB) No. 486/Chd/Hry/2019 was admitted on 03.03.2020, initiating the CIRP against the corporate debtor. Due to the Covid-19 pandemic and the nationwide lockdown imposed from 25.03.2020 to 31.07.2020, the initial 180-day period for the CIRP expired on 30.08.2020, and the resolution process could not be completed. IA No. 395/2020 was filed seeking exclusion of the lockdown period from the CIRP timeline. The Supreme Court in Suo Motu Writ Petition (Civil) No(s).3/2020 extended the period of limitation. The NCLAT in Suo Moto-Company Appeal (AT) (Insolvency) No.01 of 2020 addressed the hardships faced due to the lockdown. The IBBI inserted
…CP (IB) No. 486/Chd/Hry/…
CP (IB) No. 486/Chd/Hry/2019 was admitted,…