The case involves applications (IA No. 490/2020 and 502/2020) filed in connection with CP(IB) No. 344/Chd/Pb/2018, an admitted matter under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Texlene Forge Private Limited. IA No. 502/2020 was filed by the Resolution Professional seeking an extension of the CIRP period by 90 days beyond the initial 180 days. The initial CIRP period was affected by a COVID-19 lockdown, leading to the exclusion of the lockdown period from the CIRP timeline. IA No. 490/2020 sought the withdrawal of the Corporate Insolvency Resolution Process (CIRP) based on a settlement with the operational creditor.
Bhawani Industries Private Limited filed CP(IB) No. 344/Chd/Pb/2018 against Texlene Forge Private Limited, which was admitted on 2019-12-19. Due to the COVID-19 pandemic, a lockdown was imposed, and IA No. 327/2020 was filed and allowed, excluding the lockdown period from 2020-03-25 to 2020-06-30 from the CIRP period. The initial CIRP period of 180 days expired on 2020-09-22. Before the expiry, IA No. 502/2020 was filed on 2020-09-17 seeking a 90-day extension. In the 7th CoC meeting on 2020-09-08, a resolution for extension was passed with only 55.24% voting share. Indusind Bank and Fullerton India Credit Co. Ltd. abstained. In the 8th CoC meeting on 2020-09-28, a resolution for withdrawal of the CP was passed with 96.218% voting share due to a settlement. Fullerton
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CP(IB) No. 344/Chd/Pb/20…
CP(IB) No. 344/Chd/Pb/20…
The case involves applications (IA No. 490/2020 and 502/2020) filed in connection with CP(IB) No. 344/Chd/Pb/2018, an admitted matter under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Texlene Forge Private Limited. IA No. 502/2020 was filed by the Resolution Professional seeking an extension of the CIRP period by 90 days beyond the initial 180 days. The initial CIRP period was affected by a COVID-19 lockdown, leading to the exclusion of the lockdown period from the CIRP timeline. IA No. 490/2020 sought the withdrawal of the Corporate Insolvency Resolution Process (CIRP) based on a settlement with the operational creditor.
Bhawani Industries Private Limited filed CP(IB) No. 344/Chd/Pb/2018 against Texlene Forge Private Limited, which was admitted on 2019-12-19. Due to the COVID-19 pandemic, a lockdown was imposed, and IA No. 327/2020 was filed and allowed, excluding the lockdown period from 2020-03-25 to 2020-06-30 from the CIRP period. The initial CIRP period of 180 days expired on 2020-09-22. Before the expiry, IA No. 502/2020 was filed on 2020-09-17 seeking a 90-day extension. In the 7th CoC meeting on 2020-09-08, a resolution for extension was passed with only 55.24% voting share. Indusind Bank and Fullerton India Credit Co. Ltd. abstained. In the 8th CoC meeting on 2020-09-28, a resolution for withdrawal of the CP was passed with 96.218% voting share due to a settlement. Fullerton
…CP(IB) No. 344/Chd/Pb/20…
CP(IB) No. 344/Chd/Pb/20…