The application was filed on behalf of the Resolution Professional (RP) under Section 60(5) and 12(3) of the Insolvency and Bankruptcy Code (IBC) seeking the exclusion of 32 days from the Corporate Insolvency Resolution Process (CIRP) period. These 32 days were lost during the disposal of CA 110/2019 and 133/2019, which were filed for the withdrawal of the Resolution plan. The corporate debtor in CA No.267/2019 had already received the benefit of 58 days against 90 days under the third proviso of Section 12 of the Code. A revised resolution plan was submitted on 12th November 2019, and the Committee of Creditors (CoC) passed a resolution with 95.28% voting share to file an exclusion application.
Shree Bhawani Paper Mills Ltd. is the corporate debtor undergoing CIRP. An application was filed by the Resolution Professional (RP) seeking exclusion of 32 days from the CIRP period. The exclusion was sought because these 32 days were lost during the disposal of CA 110/2019 and 133/2019, which were applications filed for the withdrawal of the Resolution plan. The corporate debtor had previously received the benefit of 58 days against 90 days under Section 12 of the IBC. A revised resolution plan was submitted on 12th November 2019. The CoC passed a resolution with 95.28% voting share to file an exclusion application. The RP relied on judgments from NCLAT and the Supreme Court to support the exclusion. The application for withdrawal of the Resolution plan was pending
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The order in th…
The order was delivered on this date, disposing…
The application was filed on behalf of the Resolution Professional (RP) under Section 60(5) and 12(3) of the Insolvency and Bankruptcy Code (IBC) seeking the exclusion of 32 days from the Corporate Insolvency Resolution Process (CIRP) period. These 32 days were lost during the disposal of CA 110/2019 and 133/2019, which were filed for the withdrawal of the Resolution plan. The corporate debtor in CA No.267/2019 had already received the benefit of 58 days against 90 days under the third proviso of Section 12 of the Code. A revised resolution plan was submitted on 12th November 2019, and the Committee of Creditors (CoC) passed a resolution with 95.28% voting share to file an exclusion application.
Shree Bhawani Paper Mills Ltd. is the corporate debtor undergoing CIRP. An application was filed by the Resolution Professional (RP) seeking exclusion of 32 days from the CIRP period. The exclusion was sought because these 32 days were lost during the disposal of CA 110/2019 and 133/2019, which were applications filed for the withdrawal of the Resolution plan. The corporate debtor had previously received the benefit of 58 days against 90 days under Section 12 of the IBC. A revised resolution plan was submitted on 12th November 2019. The CoC passed a resolution with 95.28% voting share to file an exclusion application. The RP relied on judgments from NCLAT and the Supreme Court to support the exclusion. The application for withdrawal of the Resolution plan was pending
…The order in th…
The order was delivered on this date, disposing…