The case pertains to an application filed by the Resolution Professional (RP) of M/s. Grand Reality Private Limited, the Corporate Debtor, seeking the exclusion of 242 days from the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated against the Corporate Debtor on 14.02.2023, following an application filed by Mr. Kaushal Deshmukh and other financial creditors under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The RP was initially appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The RP filed the application I.A.(IBC)/6208/2023 seeking exclusion of time due to various reasons, including non-cooperation from the suspended directors and the involvement of the project site with
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Grand Reality Private Limited ('Corporate Debtor') on 14.02.2023, based on an application filed by Mr. Kaushal Deshmukh and other financial creditors under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Rakesh Kumar Jindal was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 13.08.2023, but the CIRP could not be completed within this period. An extension of 90 days was granted, extending the CIRP period up to 11.11.2023. The RP filed an application seeking exclusion of 242 days from 14.02.2023 to 13.10.2023, citing reasons such as non-cooperation from the suspended
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Corporate Insolvency Resolution Process…
The initial CIR…
The case pertains to an application filed by the Resolution Professional (RP) of M/s. Grand Reality Private Limited, the Corporate Debtor, seeking the exclusion of 242 days from the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated against the Corporate Debtor on 14.02.2023, following an application filed by Mr. Kaushal Deshmukh and other financial creditors under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The RP was initially appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The RP filed the application I.A.(IBC)/6208/2023 seeking exclusion of time due to various reasons, including non-cooperation from the suspended directors and the involvement of the project site with
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Grand Reality Private Limited ('Corporate Debtor') on 14.02.2023, based on an application filed by Mr. Kaushal Deshmukh and other financial creditors under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Rakesh Kumar Jindal was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 13.08.2023, but the CIRP could not be completed within this period. An extension of 90 days was granted, extending the CIRP period up to 11.11.2023. The RP filed an application seeking exclusion of 242 days from 14.02.2023 to 13.10.2023, citing reasons such as non-cooperation from the suspended
…Corporate Insolvency Resolution Process…
The initial CIR…