The application IA 1517/MB/2022 in CP (IB) 3558/MB/2018 was filed by VDB Projects Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the IBBI (Liquidation Process) Regulations, 2016. The applicant sought permission to make a deposit after an extension of time to ensure funds are obtained from FGRPL.
VDB Projects Private Limited filed an application (IA 1517/MB/2022) in connection with a corporate insolvency resolution process (CP (IB) 3558/MB/2018). The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the IBBI (Liquidation Process) Regulations, 2016. VDB Projects Private Limited sought permission to deposit funds after an extension of time, claiming they needed more time to obtain the funds from FGRPL. The NCLT had previously ordered VDB Projects Private Limited to deposit the consideration by 2022-06-03, but VDB Projects Private Limited failed to comply with this order. The regulations prescribe a 90-day period from the date of the Letter of Intent for the payment of sale consideration for going
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The order was delivered on December 23, 2022,…
The Bench had directed the applicant to…
The application IA 1517/MB/2022 in CP (IB) 3558/MB/2018 was filed by VDB Projects Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the IBBI (Liquidation Process) Regulations, 2016. The applicant sought permission to make a deposit after an extension of time to ensure funds are obtained from FGRPL.
VDB Projects Private Limited filed an application (IA 1517/MB/2022) in connection with a corporate insolvency resolution process (CP (IB) 3558/MB/2018). The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the IBBI (Liquidation Process) Regulations, 2016. VDB Projects Private Limited sought permission to deposit funds after an extension of time, claiming they needed more time to obtain the funds from FGRPL. The NCLT had previously ordered VDB Projects Private Limited to deposit the consideration by 2022-06-03, but VDB Projects Private Limited failed to comply with this order. The regulations prescribe a 90-day period from the date of the Letter of Intent for the payment of sale consideration for going
…The order was delivered on December 23, 2022,…
The Bench had directed the applicant to…