The case involves an application (IA No. 669/2021) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of RCM Infrastructure Limited, initiated based on an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated on 03.01.2019. The Resolution Professional (RP) sought an extension of the CIRP period, which was opposed by the Adjudicating Authority (AA) due to repeated requests for extensions and non-compliance with previous orders. The CoC also faced criticism for delays in accepting the resolution plan. Despite multiple extensions, the RP failed to finalize a resolution plan, leading to the AA's decision to initiate liquidation proceedings against the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against RCM Infrastructure Limited on 03.01.2019, based on an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. J. Manivannan was appointed as the Resolution Professional (RP). The initial CIRP period of 180 days was extended by 90 days on 19.07.2019. The 270-day timeline expired on 01.10.2019. The RP received only one Expression of Interest (EOI) from the promoter of the Corporate Person, which was rejected because the promoters were ineligible under Section 29A of the IBC. The promoters challenged this rejection, and the Adjudicating Authority (AA) declared on 06.01.2020 that the Corporate Person fell under the ambit of MSME, making the promoters eligible to file resolution
…Sign in to view the parties.
Corporate Per…
90 days ext…
The case involves an application (IA No. 669/2021) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of RCM Infrastructure Limited, initiated based on an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated on 03.01.2019. The Resolution Professional (RP) sought an extension of the CIRP period, which was opposed by the Adjudicating Authority (AA) due to repeated requests for extensions and non-compliance with previous orders. The CoC also faced criticism for delays in accepting the resolution plan. Despite multiple extensions, the RP failed to finalize a resolution plan, leading to the AA's decision to initiate liquidation proceedings against the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against RCM Infrastructure Limited on 03.01.2019, based on an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. J. Manivannan was appointed as the Resolution Professional (RP). The initial CIRP period of 180 days was extended by 90 days on 19.07.2019. The 270-day timeline expired on 01.10.2019. The RP received only one Expression of Interest (EOI) from the promoter of the Corporate Person, which was rejected because the promoters were ineligible under Section 29A of the IBC. The promoters challenged this rejection, and the Adjudicating Authority (AA) declared on 06.01.2020 that the Corporate Person fell under the ambit of MSME, making the promoters eligible to file resolution
…Corporate Per…
90 days ext…