The case pertains to an application (IA No. 610 of 2020) filed in CP(IB) No. 262/7/HDB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of M/s. Transstroy Tirupati Thiruthani Chennai Tollways Private Limited. The applicant, the Resolution Professional (RP), sought an extension of 45 days to complete the CIRP, in addition to the existing 330 days, due to delays caused by communication issues, NHAI approvals, and the COVID-19 pandemic. The CIRP was initiated on 03.06.2019, and several extensions were previously granted. The CoC approved the extension application.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Transstroy Tirupati Thiruthani Chennai Tollways Private Limited on 03.06.2019. Mr. G. Madhusudhan Rao was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sanjay Kumar Mishra as the Resolution Professional (RP). The Adjudicating Authority had previously extended the CIRP period by 90 days (order dated 25.11.2019) and 20 days (order dated 03.03.2020). The RP received a Resolution Plan from IARC on 06.08.2020. The CoC deliberated on the need for an extension application due to the review of the Resolution Plan, negotiations with the Resolution Applicant, discussions with NHAI, and obtaining internal approvals. The CoC unanimously resolved to seek a 45-day
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The case pertains to an application (IA No. 610 of 2020) filed in CP(IB) No. 262/7/HDB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of M/s. Transstroy Tirupati Thiruthani Chennai Tollways Private Limited. The applicant, the Resolution Professional (RP), sought an extension of 45 days to complete the CIRP, in addition to the existing 330 days, due to delays caused by communication issues, NHAI approvals, and the COVID-19 pandemic. The CIRP was initiated on 03.06.2019, and several extensions were previously granted. The CoC approved the extension application.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Transstroy Tirupati Thiruthani Chennai Tollways Private Limited on 03.06.2019. Mr. G. Madhusudhan Rao was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sanjay Kumar Mishra as the Resolution Professional (RP). The Adjudicating Authority had previously extended the CIRP period by 90 days (order dated 25.11.2019) and 20 days (order dated 03.03.2020). The RP received a Resolution Plan from IARC on 06.08.2020. The CoC deliberated on the need for an extension application due to the review of the Resolution Plan, negotiations with the Resolution Applicant, discussions with NHAI, and obtaining internal approvals. The CoC unanimously resolved to seek a 45-day
…Corporate Insolvency…
Adjudicating Authority…