The case pertains to an application filed by the Resolution Professional (RP) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 40(C) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The RP sought exclusion of 40 days from the Corporate Insolvency Resolution Process (CIRP) period due to a lockdown imposed from 08.05.2021 to 16.06.2021. The CIRP was initiated against Trivandrum International Health Services Ltd (Corporate Debtor) following an application by Dhanalaxmi Bank Ltd (Financial Creditor), which was admitted on 07.02.2020. The RP had received three resolution plans but progress was hindered by the lockdown.
Dhanalaxmi Bank Ltd, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Trivandrum International Health Services Ltd, the Corporate Debtor. The CIRP was admitted on 07.02.2020. The Resolution Professional (RP) was appointed and received three resolution plans following an Expression of Interest (EOI) invited on 26.10.2020. However, progress was stalled due to a lockdown. The RP filed an application seeking exclusion of 40 days from the CIRP period, corresponding to the lockdown imposed by the Kerala Government from 08.05.2021 to 16.06.2021. The Committee of Creditors (CoC) supported this exclusion to facilitate the completion of the CIRP and selection of a suitable resolution plan. The last date of completion of 180 days of CIRP
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The Corporate Insolvency Resolution Process…
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The case pertains to an application filed by the Resolution Professional (RP) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 40(C) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The RP sought exclusion of 40 days from the Corporate Insolvency Resolution Process (CIRP) period due to a lockdown imposed from 08.05.2021 to 16.06.2021. The CIRP was initiated against Trivandrum International Health Services Ltd (Corporate Debtor) following an application by Dhanalaxmi Bank Ltd (Financial Creditor), which was admitted on 07.02.2020. The RP had received three resolution plans but progress was hindered by the lockdown.
Dhanalaxmi Bank Ltd, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Trivandrum International Health Services Ltd, the Corporate Debtor. The CIRP was admitted on 07.02.2020. The Resolution Professional (RP) was appointed and received three resolution plans following an Expression of Interest (EOI) invited on 26.10.2020. However, progress was stalled due to a lockdown. The RP filed an application seeking exclusion of 40 days from the CIRP period, corresponding to the lockdown imposed by the Kerala Government from 08.05.2021 to 16.06.2021. The Committee of Creditors (CoC) supported this exclusion to facilitate the completion of the CIRP and selection of a suitable resolution plan. The last date of completion of 180 days of CIRP
…The Corporate Insolvency Resolution Process…
The Interim Resolution Professional (IRP) was…