The case involves a Company Application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of time from the Corporate Insolvency Resolution Process (CIRP) due to the COVID-19 lockdown. The Resolution Professional also sought an extension of 90 days for the CIRP period. The Committee of Creditors (CoC) resolved to appoint the existing Resolution Professional as the Liquidator of the Corporate Applicant.
The Corporate Debtor was admitted into CIRP on 04.03.2020. An application was filed seeking exclusion of 133 days (20.03.2020 to 31.07.2020) from the CIRP period due to the COVID-19 lockdown. The Resolution Professional sought a 90-day extension of the CIRP. The Committee of Creditors (CoC) resolved on 28.12.2020 to appoint the existing Resolution Professional, Mahesh R Sureka, as the Liquidator at a fixed fee. The Resolution in the case of the Corporate Applicant was deemed not feasible. The Resolution Professional confirmed that the CoC recommended continuing him as Liquidator. The Resolution Professional gave his written consent to act as Liquidator. The court found that the Corporate Debtor should be admitted into the liquidation process.
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The case involves a Company Application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of time from the Corporate Insolvency Resolution Process (CIRP) due to the COVID-19 lockdown. The Resolution Professional also sought an extension of 90 days for the CIRP period. The Committee of Creditors (CoC) resolved to appoint the existing Resolution Professional as the Liquidator of the Corporate Applicant.
The Corporate Debtor was admitted into CIRP on 04.03.2020. An application was filed seeking exclusion of 133 days (20.03.2020 to 31.07.2020) from the CIRP period due to the COVID-19 lockdown. The Resolution Professional sought a 90-day extension of the CIRP. The Committee of Creditors (CoC) resolved on 28.12.2020 to appoint the existing Resolution Professional, Mahesh R Sureka, as the Liquidator at a fixed fee. The Resolution in the case of the Corporate Applicant was deemed not feasible. The Resolution Professional confirmed that the CoC recommended continuing him as Liquidator. The Resolution Professional gave his written consent to act as Liquidator. The court found that the Corporate Debtor should be admitted into the liquidation process.
Applicant appointed as…
Start date of the…