The case involves an application filed under Section 60(5) of the IB Code seeking exemption of a certain period in light of averments made in paragraph No. 17 of the application and to clarify the last date of the Corporate Insolvency Resolution Period (CIRP). The application was admitted on 14.09.2017. As no resolution plan could be materialized within the initial 180-day CIRP period, the Resolution Professional (RP) filed an application (I.A. 82 of 2018) for liquidation. During the pendency of the liquidation application, the Corporate Debtor company sought an extension of 90 days to complete CIRP, based on a direction from the Adjudicating Authority on 09.05.2018 for the RP and COC to reconsider claims and grievances. The COC then requested members to vote on
…The JM Financial Asset Reconstruction Company Ltd. initiated proceedings against Sandhya Prakash Ltd. under the Insolvency and Bankruptcy Code. The CIRP was initiated on 14.09.2017. Due to the inability to materialize a resolution plan within the initial 180 days, the RP filed a liquidation application (I.A. 82 of 2018) on 07.03.2018. The Corporate Debtor sought an extension of 90 days to complete the CIRP. The Adjudicating Authority directed the RP and COC to reconsider claims and grievances on 09.05.2018. The COC requested members to vote on extending the CIRP. The RP filed an application (I.A. 188 of 2018) for extension of CIRP. The COC passed a resolution for extension of time. The liquidation application was disposed of as infructuous. The applicant prayed for
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The instant app…
Resolution Professional (RP) filed application…
The case involves an application filed under Section 60(5) of the IB Code seeking exemption of a certain period in light of averments made in paragraph No. 17 of the application and to clarify the last date of the Corporate Insolvency Resolution Period (CIRP). The application was admitted on 14.09.2017. As no resolution plan could be materialized within the initial 180-day CIRP period, the Resolution Professional (RP) filed an application (I.A. 82 of 2018) for liquidation. During the pendency of the liquidation application, the Corporate Debtor company sought an extension of 90 days to complete CIRP, based on a direction from the Adjudicating Authority on 09.05.2018 for the RP and COC to reconsider claims and grievances. The COC then requested members to vote on
…The JM Financial Asset Reconstruction Company Ltd. initiated proceedings against Sandhya Prakash Ltd. under the Insolvency and Bankruptcy Code. The CIRP was initiated on 14.09.2017. Due to the inability to materialize a resolution plan within the initial 180 days, the RP filed a liquidation application (I.A. 82 of 2018) on 07.03.2018. The Corporate Debtor sought an extension of 90 days to complete the CIRP. The Adjudicating Authority directed the RP and COC to reconsider claims and grievances on 09.05.2018. The COC requested members to vote on extending the CIRP. The RP filed an application (I.A. 188 of 2018) for extension of CIRP. The COC passed a resolution for extension of time. The liquidation application was disposed of as infructuous. The applicant prayed for
…The instant app…
Resolution Professional (RP) filed application…