The case involves an application filed by the Resolution Professional (RP) of Sriramagiri Spinning Mills Limited, the Corporate Debtor, under Section 18 and 60(5)(c) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP sought directions to exclude the period during which a stay order issued by the Hon'ble High Court of Telangana was in effect. The Corporate Insolvency Resolution Process (CIRP) was initiated against Sriramagiri Spinning Mills Limited based on a petition filed by Oriental Bank of Commerce under Section 7 of the IBC. The High Court had granted an interim stay on the CIRP, which halted the process shortly after its commencement. The High Court subsequently vacated the stay, leading the RP to file the application for exclusion of the stay period from
…Oriental Bank of Commerce filed a petition under Section 7 of the IBC against Sriramagiri Spinning Mills Limited, leading to the initiation of CIRP on 2018-12-04. Shri C. Bala Mouli was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2018-12-07 inviting claims from creditors. The High Court of Telangana granted an interim stay on the CIRP on 2018-12-06, halting the process. The High Court vacated the stay on 2019-05-01. The IRP then filed an application with the NCLT seeking exclusion of the stay period (178 days initially claimed, later determined to be 148 days) from the CIRP timeline, arguing that the stay prevented any progress in the CIRP. The CIRP period was initially set to end on 2019-06-02. The IRP sought a new
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CIRP initiated against Sriramagiri Spinning…
Hon'ble High Court of…
The case involves an application filed by the Resolution Professional (RP) of Sriramagiri Spinning Mills Limited, the Corporate Debtor, under Section 18 and 60(5)(c) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP sought directions to exclude the period during which a stay order issued by the Hon'ble High Court of Telangana was in effect. The Corporate Insolvency Resolution Process (CIRP) was initiated against Sriramagiri Spinning Mills Limited based on a petition filed by Oriental Bank of Commerce under Section 7 of the IBC. The High Court had granted an interim stay on the CIRP, which halted the process shortly after its commencement. The High Court subsequently vacated the stay, leading the RP to file the application for exclusion of the stay period from
…Oriental Bank of Commerce filed a petition under Section 7 of the IBC against Sriramagiri Spinning Mills Limited, leading to the initiation of CIRP on 2018-12-04. Shri C. Bala Mouli was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2018-12-07 inviting claims from creditors. The High Court of Telangana granted an interim stay on the CIRP on 2018-12-06, halting the process. The High Court vacated the stay on 2019-05-01. The IRP then filed an application with the NCLT seeking exclusion of the stay period (178 days initially claimed, later determined to be 148 days) from the CIRP timeline, arguing that the stay prevented any progress in the CIRP. The CIRP period was initially set to end on 2019-06-02. The IRP sought a new
…CIRP initiated against Sriramagiri Spinning…
Hon'ble High Court of…