The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) period. The Resolution Professional (RP) filed MA 2818/2019 seeking a 90-day extension beyond the initial 180-day period. The applicant contends that the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, was admitted on 21.2.2019, and the initial CIRP period was ending on 20.8.2019.
The Corporation Bank initiated Corporate Insolvency Resolution Process (CIRP) against Trimax IT Infrastructure and Services Ltd. An application under Section 7 of the IBC was admitted on 2019-02-21. The initial CIRP period was set to end on 2019-08-20. The Resolution Professional (RP) filed MA 2818/2019 seeking a 90-day extension of the CIRP period. The Committee of Creditors (CoC) approved the extension with a 98.11% vote share in its 7th meeting held on 2019-08-09 and authorized the RP to apply to the Adjudicating Authority for the extension. MA 2827/2019 was filed for urgent listing of MA 2818/2019. The relevance of the CoC's approval is that it demonstrates the creditors' support for continuing the CIRP process to find a resolution. The RP's application is crucial
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The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) period. The Resolution Professional (RP) filed MA 2818/2019 seeking a 90-day extension beyond the initial 180-day period. The applicant contends that the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, was admitted on 21.2.2019, and the initial CIRP period was ending on 20.8.2019.
The Corporation Bank initiated Corporate Insolvency Resolution Process (CIRP) against Trimax IT Infrastructure and Services Ltd. An application under Section 7 of the IBC was admitted on 2019-02-21. The initial CIRP period was set to end on 2019-08-20. The Resolution Professional (RP) filed MA 2818/2019 seeking a 90-day extension of the CIRP period. The Committee of Creditors (CoC) approved the extension with a 98.11% vote share in its 7th meeting held on 2019-08-09 and authorized the RP to apply to the Adjudicating Authority for the extension. MA 2827/2019 was filed for urgent listing of MA 2818/2019. The relevance of the CoC's approval is that it demonstrates the creditors' support for continuing the CIRP process to find a resolution. The RP's application is crucial
…The petition filed…
The statutory period…