The case involves an application (MA 1551/2019) filed by the Resolution Professional under Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a 90-day extension for the completion of the Corporate Insolvency Resolution Process (CIRP). The applicant states that the Committee of Creditors (CoC) passed a resolution to seek this extension. The CoC resolution instructed Harshad Deshpande to apply to the Adjudicating Authority under Section 12 of the IBC to extend the insolvency resolution process by 90 days.
The Resolution Professional filed MA 1551/2019 seeking a 90-day extension for the completion of the CIRP, citing a resolution passed by the CoC. The CoC resolution authorized Harshad Deshpande to present the application for seeking an extension. However, the court noted that the CoC resolution did not explicitly seek a 90-day extension. The CoC has a vote share of 66%, which allows it to seek an extension of 90 days. The application was filed under Section 12 of the IBC.
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Hearing of Mumbai Bench…
MA 1551/2019 filed by the Resolution…
The case involves an application (MA 1551/2019) filed by the Resolution Professional under Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a 90-day extension for the completion of the Corporate Insolvency Resolution Process (CIRP). The applicant states that the Committee of Creditors (CoC) passed a resolution to seek this extension. The CoC resolution instructed Harshad Deshpande to apply to the Adjudicating Authority under Section 12 of the IBC to extend the insolvency resolution process by 90 days.
The Resolution Professional filed MA 1551/2019 seeking a 90-day extension for the completion of the CIRP, citing a resolution passed by the CoC. The CoC resolution authorized Harshad Deshpande to present the application for seeking an extension. However, the court noted that the CoC resolution did not explicitly seek a 90-day extension. The CoC has a vote share of 66%, which allows it to seek an extension of 90 days. The application was filed under Section 12 of the IBC.
Hearing of Mumbai Bench…
MA 1551/2019 filed by the Resolution…