The case involves an application (IA 457 of 2019) in a Corporate Insolvency Resolution Process (CIRP) under CP (IB) No. 175/NCLT/AHM/2018. The applicant, represented by Mr. Atul Sharma, sought an extension of the CIRP period. The Committee of Creditors (CoC) had passed a resolution in its 3rd meeting on 2019-06-04 with 99% voting majority to extend the CIRP period by another 90 days. The statutory period of 180 days had expired on 2019-07-13, but the application for extension was filed on 2019-07-03, prior to the expiry date.
Swastik Ceracon Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) under CP (IB) No. 175/NCLT/AHM/2018. The initial 180-day CIRP period expired on 2019-07-13. The Committee of Creditors (CoC) held its 3rd meeting on 2019-06-04 and passed a resolution with 99% majority to extend the CIRP period by 90 days, citing the possibility of finding a viable resolution plan. The Resolution Professional (RP), represented by Mr. Atul Sharma, filed an application (IA 457 of 2019) on 2019-07-03, prior to the expiry of the initial CIRP period, seeking this extension. Dena Bank & Ors. are the respondents in this case. The Adjudicating Authority considered the application and the submissions made by the applicant's counsel.
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Committee of Creditors (CoC) passed a…
Application (IA 457 of…
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The case involves an application (IA 457 of 2019) in a Corporate Insolvency Resolution Process (CIRP) under CP (IB) No. 175/NCLT/AHM/2018. The applicant, represented by Mr. Atul Sharma, sought an extension of the CIRP period. The Committee of Creditors (CoC) had passed a resolution in its 3rd meeting on 2019-06-04 with 99% voting majority to extend the CIRP period by another 90 days. The statutory period of 180 days had expired on 2019-07-13, but the application for extension was filed on 2019-07-03, prior to the expiry date.
Swastik Ceracon Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) under CP (IB) No. 175/NCLT/AHM/2018. The initial 180-day CIRP period expired on 2019-07-13. The Committee of Creditors (CoC) held its 3rd meeting on 2019-06-04 and passed a resolution with 99% majority to extend the CIRP period by 90 days, citing the possibility of finding a viable resolution plan. The Resolution Professional (RP), represented by Mr. Atul Sharma, filed an application (IA 457 of 2019) on 2019-07-03, prior to the expiry of the initial CIRP period, seeking this extension. Dena Bank & Ors. are the respondents in this case. The Adjudicating Authority considered the application and the submissions made by the applicant's counsel.
Committee of Creditors (CoC) passed a…
Application (IA 457 of…
Sign in to view related legal provisions.