The case involves an application filed by the Resolution Professional (RP) under Section 60(5) of the IBC, 2016, seeking exclusion of 68 days from the CIRP period. The CIRP was initiated based on a petition by an Operational Creditor, which was admitted on 2.5.2018. The RP was appointed initially as the Interim Resolution Professional and later as the Resolution Professional. During the CIRP, discrepancies in the stock were noticed, and the RP brought these to the attention of the Committee of Creditors (CoC). The RP also filed an application under Section 66 of the IBC, 2016, regarding fraudulent trading by the Corporate Debtor. The CoC was considering the eligibility of the sole resolution applicant, and the RP sought a decision from the Tribunal on this matter.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Sonachi Industries Ltd based on a petition filed by an Operational Creditor, which was admitted on 2.5.2018. Mr. Syamal Baran Bhattacharya was appointed as the Resolution Professional (RP). During the CIRP, the RP discovered discrepancies in the debtor's stock and brought them to the attention of the Committee of Creditors (CoC). The RP also filed an application under Section 66 of the IBC, 2016, alleging fraudulent trading by the Corporate Debtor. The CIRP period of 270 days expired on 27.1.2019, without a resolution plan being approved. The RP then filed an application (MA 719/2019) seeking exclusion of 68 days from the CIRP period, from 20.11.2018 to 27.1.2019. The CoC was considering the
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Petition under Section…
The Resolution…
The case involves an application filed by the Resolution Professional (RP) under Section 60(5) of the IBC, 2016, seeking exclusion of 68 days from the CIRP period. The CIRP was initiated based on a petition by an Operational Creditor, which was admitted on 2.5.2018. The RP was appointed initially as the Interim Resolution Professional and later as the Resolution Professional. During the CIRP, discrepancies in the stock were noticed, and the RP brought these to the attention of the Committee of Creditors (CoC). The RP also filed an application under Section 66 of the IBC, 2016, regarding fraudulent trading by the Corporate Debtor. The CoC was considering the eligibility of the sole resolution applicant, and the RP sought a decision from the Tribunal on this matter.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Sonachi Industries Ltd based on a petition filed by an Operational Creditor, which was admitted on 2.5.2018. Mr. Syamal Baran Bhattacharya was appointed as the Resolution Professional (RP). During the CIRP, the RP discovered discrepancies in the debtor's stock and brought them to the attention of the Committee of Creditors (CoC). The RP also filed an application under Section 66 of the IBC, 2016, alleging fraudulent trading by the Corporate Debtor. The CIRP period of 270 days expired on 27.1.2019, without a resolution plan being approved. The RP then filed an application (MA 719/2019) seeking exclusion of 68 days from the CIRP period, from 20.11.2018 to 27.1.2019. The CoC was considering the
…Petition under Section…
The Resolution…