The case pertains to an application filed under Section 12(2) & (3) of the IB Code, 2016, read with Regulation 40 of the IBBI (IRPCP) Regulations, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The Tribunal had admitted the Company Petition on 18.09.2019 and appointed an Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional. The initial CIRP period of 180 days was expiring on 16.03.2020. An extension of 90 days was granted until 14.06.2020. However, due to the Covid-19 lockdown, resolution plans were received late, and the applicant sought a further extension.
The Tribunal admitted a company petition on 2019-09-18 and appointed an Interim Resolution Professional (IRP), who was confirmed as the Resolution Professional on 2019-10-18. The initial CIRP period of 180 days was expiring on 2020-03-16. An extension of 90 days was granted until 2020-06-14. Due to the Covid-19 lockdown from 2020-03-25 to 2020-06-07, resolution plans were received late on 2020-07-08. The Resolution Professional sought a further extension of 60 days, effective from 2020-08-28. The CoC resolved to seek this extension on 2020-08-03. The application was filed under Section 12(3) of the Insolvency & Bankruptcy Code, 2016. The Resolution Professional relied on the proviso to section 12(3) of the I&B Code, which mandates the completion of CIRP within
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The Tribunal admitted the Company Petition…
The IRP was confirmed…
The case pertains to an application filed under Section 12(2) & (3) of the IB Code, 2016, read with Regulation 40 of the IBBI (IRPCP) Regulations, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The Tribunal had admitted the Company Petition on 18.09.2019 and appointed an Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional. The initial CIRP period of 180 days was expiring on 16.03.2020. An extension of 90 days was granted until 14.06.2020. However, due to the Covid-19 lockdown, resolution plans were received late, and the applicant sought a further extension.
The Tribunal admitted a company petition on 2019-09-18 and appointed an Interim Resolution Professional (IRP), who was confirmed as the Resolution Professional on 2019-10-18. The initial CIRP period of 180 days was expiring on 2020-03-16. An extension of 90 days was granted until 2020-06-14. Due to the Covid-19 lockdown from 2020-03-25 to 2020-06-07, resolution plans were received late on 2020-07-08. The Resolution Professional sought a further extension of 60 days, effective from 2020-08-28. The CoC resolved to seek this extension on 2020-08-03. The application was filed under Section 12(3) of the Insolvency & Bankruptcy Code, 2016. The Resolution Professional relied on the proviso to section 12(3) of the I&B Code, which mandates the completion of CIRP within
…The Tribunal admitted the Company Petition…
The IRP was confirmed…