The case involves an application (IA No. 384/JPR/2024) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ('IBC') read with rule 11 of the National Company Law Tribunal Rules, 2016 ('NCLT Rules') by the Resolution Professional of M/s Autopal Industries Limited ('Corporate Debtor'). The application seeks the exclusion of 431 days from the Corporate Insolvency Resolution Process ('CIRP') period, citing delays due to indecisiveness of the Committee of Creditors (CoC) and adjudication of another application (I.A. No. 352 of 2023). The CIRP was initiated following an application by M/s Tack Innovations ('Operational Creditor') under Section 9 of the Code. The Resolution Professional was appointed on 16.08.2022.
M/s Tack Innovations initiated Corporate Insolvency Resolution Process (CIRP) against M/s Autopal Industries Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Ajay Gupta was appointed as the Interim Resolution Professional (IRP) on 16.08.2022. The Resolution Professional filed IA No. 384/JPR/2024 seeking exclusion of 431 days from the CIRP period, citing delays due to indecisiveness of the CoC member holding the majority voting rights and the adjudication of I.A. No. 352 of 2023. The majority stakeholder in the CoC expressed their assent via email dated 01.07.2024, to make efforts for the resolution of the Corporate Debtor by providing opportunities to the existing PRAs. The Applicant scheduled 11th CoC meeting on
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Mr. Ajay Gupta was appointed as Interim…
Start date of the 431…
The case involves an application (IA No. 384/JPR/2024) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ('IBC') read with rule 11 of the National Company Law Tribunal Rules, 2016 ('NCLT Rules') by the Resolution Professional of M/s Autopal Industries Limited ('Corporate Debtor'). The application seeks the exclusion of 431 days from the Corporate Insolvency Resolution Process ('CIRP') period, citing delays due to indecisiveness of the Committee of Creditors (CoC) and adjudication of another application (I.A. No. 352 of 2023). The CIRP was initiated following an application by M/s Tack Innovations ('Operational Creditor') under Section 9 of the Code. The Resolution Professional was appointed on 16.08.2022.
M/s Tack Innovations initiated Corporate Insolvency Resolution Process (CIRP) against M/s Autopal Industries Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Ajay Gupta was appointed as the Interim Resolution Professional (IRP) on 16.08.2022. The Resolution Professional filed IA No. 384/JPR/2024 seeking exclusion of 431 days from the CIRP period, citing delays due to indecisiveness of the CoC member holding the majority voting rights and the adjudication of I.A. No. 352 of 2023. The majority stakeholder in the CoC expressed their assent via email dated 01.07.2024, to make efforts for the resolution of the Corporate Debtor by providing opportunities to the existing PRAs. The Applicant scheduled 11th CoC meeting on
…Mr. Ajay Gupta was appointed as Interim…
Start date of the 431…