The case pertains to an application filed by the Resolution Professional (RP) of M/s. Grand Reality Private Limited, the Corporate Debtor, seeking exclusion of a certain period from the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against the Corporate Debtor on 14.02.2023, following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Mr. Kaushal Deshmukh and other financial creditors. The RP sought exclusion of 242 days from 14.02.2023 to 13.10.2023 from the CIRP period. The RP cited reasons such as non-cooperation from the Corporate Debtor's directors and the developer, PAX Homes LLP, and the pendency of litigations related to the project land before the NCLAT.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Grand Reality Private Limited 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 Resolution Professional (RP). The RP filed an application seeking the exclusion of 242 days (from 14.02.2023 to 13.10.2023) from the CIRP period. The RP argued that the directors of the Corporate Debtor had not shared crucial information, and the developer, PAX Homes LLP, had not cooperated in handing over possession of the project site. The RP had filed applications under Sections 18 and 19(2) of the IBC to address these issues. The NCLAT had directed to
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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 exclusion of a certain period from the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against the Corporate Debtor on 14.02.2023, following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Mr. Kaushal Deshmukh and other financial creditors. The RP sought exclusion of 242 days from 14.02.2023 to 13.10.2023 from the CIRP period. The RP cited reasons such as non-cooperation from the Corporate Debtor's directors and the developer, PAX Homes LLP, and the pendency of litigations related to the project land before the NCLAT.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Grand Reality Private Limited 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 Resolution Professional (RP). The RP filed an application seeking the exclusion of 242 days (from 14.02.2023 to 13.10.2023) from the CIRP period. The RP argued that the directors of the Corporate Debtor had not shared crucial information, and the developer, PAX Homes LLP, had not cooperated in handing over possession of the project site. The RP had filed applications under Sections 18 and 19(2) of the IBC to address these issues. The NCLAT had directed to
…Corporate Insolvency Resolution Process…
The initial CIR…