The case pertains to an application (IA No. 591/2020) filed in CP (IB) No. 186/9/HDB/2019 under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 40C of the IBBI Regulations, 2016, by the Resolution Professional (RP) of M/s. Sujana Universal Industries Limited. The RP sought exclusion of the lockdown period due to the COVID-19 pandemic from the Corporate Insolvency Resolution Process (CIRP) period. The CIRP commencement was approved on 26.06.2019, and the initial 180-day period ended on 17.12.2019. The CIRP period was extended by 90 days on 12.12.2019 and further by 60 days on 17.03.2020, ending on 15.05.2020. The RP requested exclusion of the period from 23.03.2020 to 31.07.2020.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Sujana Universal Industries Limited. The CIRP commencement date was 26.06.2019. The initial 180-day CIRP period ended on 17.12.2019. The CIRP period was extended by 90 days on 12.12.2019 and further extended by 60 days on 17.03.2020, ending on 15.05.2020. The Resolution Professional (RP) filed an application (IA No. 591/2020) seeking exclusion of the period from 23.03.2020 to 31.07.2020 from the CIRP period due to the COVID-19 pandemic and the resulting lockdown imposed by the Central and State Governments. The Committee of Creditors (CoC) in its 21st meeting held on 04.07.2020, resolved to request the NCLT to extend the CIRP period, citing difficulties in coordination and voting on the
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The case pertains to an application (IA No. 591/2020) filed in CP (IB) No. 186/9/HDB/2019 under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 40C of the IBBI Regulations, 2016, by the Resolution Professional (RP) of M/s. Sujana Universal Industries Limited. The RP sought exclusion of the lockdown period due to the COVID-19 pandemic from the Corporate Insolvency Resolution Process (CIRP) period. The CIRP commencement was approved on 26.06.2019, and the initial 180-day period ended on 17.12.2019. The CIRP period was extended by 90 days on 12.12.2019 and further by 60 days on 17.03.2020, ending on 15.05.2020. The RP requested exclusion of the period from 23.03.2020 to 31.07.2020.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Sujana Universal Industries Limited. The CIRP commencement date was 26.06.2019. The initial 180-day CIRP period ended on 17.12.2019. The CIRP period was extended by 90 days on 12.12.2019 and further extended by 60 days on 17.03.2020, ending on 15.05.2020. The Resolution Professional (RP) filed an application (IA No. 591/2020) seeking exclusion of the period from 23.03.2020 to 31.07.2020 from the CIRP period due to the COVID-19 pandemic and the resulting lockdown imposed by the Central and State Governments. The Committee of Creditors (CoC) in its 21st meeting held on 04.07.2020, resolved to request the NCLT to extend the CIRP period, citing difficulties in coordination and voting on the
…The Adjudicating Authority approved the…
The initial period of…