The case involves an application (IA 4562/2023) filed by the Resolution Professional (RP) of Jailaxmi Sugar Products (Nitali) Pvt. Ltd., the Corporate Debtor, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period by 103 days under Section 12(2) of the Insolvency & Bankruptcy Code. The CIRP had commenced earlier, and extensions were previously granted, including exclusions for lockdown periods due to COVID-19 and time lost in litigation. The Committee of Creditors (COC) had also resolved to seek further extensions. Several applications (IA 3610/2022, IA 1049/2023) seeking extensions were already pending adjudication.
The Corporate Insolvency Resolution Process (CIRP) commenced for Jailaxmi Sugar Products (Nitali) Pvt. Ltd. on 2019-11-06. Initial extensions were granted, including 90 days until 2021-03-07 and 191 days for COVID-19 lockdown. Litigation caused delays between 2021-03-02 and 2022-09-30. The CIRP recommenced on 2022-10-01. 578 days were excluded from the CIRP period via order dated 2022-11-21. The Committee of Creditors (COC) unanimously resolved on 2022-10-19 to seek a 90-day extension. IA 3610/2022 was filed on 2022-11-25 and is pending adjudication. IA 1049/2023, seeking another 90-day extension, was filed on 2023-03-15 and is also pending. A 16th COC meeting on 2023-04-27 involved e-voting on Resolution Plans. Voting lines closed on 2023-07-01. The COC approved a
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The Corporate Insolvency Resolution Process…
An extension of 90 days…
The case involves an application (IA 4562/2023) filed by the Resolution Professional (RP) of Jailaxmi Sugar Products (Nitali) Pvt. Ltd., the Corporate Debtor, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period by 103 days under Section 12(2) of the Insolvency & Bankruptcy Code. The CIRP had commenced earlier, and extensions were previously granted, including exclusions for lockdown periods due to COVID-19 and time lost in litigation. The Committee of Creditors (COC) had also resolved to seek further extensions. Several applications (IA 3610/2022, IA 1049/2023) seeking extensions were already pending adjudication.
The Corporate Insolvency Resolution Process (CIRP) commenced for Jailaxmi Sugar Products (Nitali) Pvt. Ltd. on 2019-11-06. Initial extensions were granted, including 90 days until 2021-03-07 and 191 days for COVID-19 lockdown. Litigation caused delays between 2021-03-02 and 2022-09-30. The CIRP recommenced on 2022-10-01. 578 days were excluded from the CIRP period via order dated 2022-11-21. The Committee of Creditors (COC) unanimously resolved on 2022-10-19 to seek a 90-day extension. IA 3610/2022 was filed on 2022-11-25 and is pending adjudication. IA 1049/2023, seeking another 90-day extension, was filed on 2023-03-15 and is also pending. A 16th COC meeting on 2023-04-27 involved e-voting on Resolution Plans. Voting lines closed on 2023-07-01. The COC approved a
…The Corporate Insolvency Resolution Process…
An extension of 90 days…