The case involves an Interlocutory Application (IA) filed by the Applicant/Resolution Professional seeking exclusion of 90 days from 28.11.2024 to 26.02.2025 for filing the Liquidation Application and complying with the requirements of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 02.01.2024. Public announcements were made, and a Committee of Creditors (CoC) was constituted. Resolution Plans were invited but ultimately not approved due to the offered plan value not meeting the expectations of the CoC. Consequently, the CoC moved for liquidation.
On 02.01.2024, Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor. The Applicant issued a public announcement on 05.01.2024, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 25.01.2024. The Applicant made a public announcement on 14.03.2024, inviting Expression of Interest (EoI) from prospective resolution applicants. The last date for submission of the Resolution Plan was 12.08.2024, later extended to 31.08.2024. The Applicant received Resolution Plans from two Prospective Resolution Applicants. The CoC urged the PRAs to improvise their Plan value. In the 8th CoC meeting held on 26.11.2024, the Applicant informed the CoC that the RP had not received the Revised Resolution Plans. In the 9th CoC
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Corporate Insolvency…
Applicant issued public…
The case involves an Interlocutory Application (IA) filed by the Applicant/Resolution Professional seeking exclusion of 90 days from 28.11.2024 to 26.02.2025 for filing the Liquidation Application and complying with the requirements of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 02.01.2024. Public announcements were made, and a Committee of Creditors (CoC) was constituted. Resolution Plans were invited but ultimately not approved due to the offered plan value not meeting the expectations of the CoC. Consequently, the CoC moved for liquidation.
On 02.01.2024, Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor. The Applicant issued a public announcement on 05.01.2024, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 25.01.2024. The Applicant made a public announcement on 14.03.2024, inviting Expression of Interest (EoI) from prospective resolution applicants. The last date for submission of the Resolution Plan was 12.08.2024, later extended to 31.08.2024. The Applicant received Resolution Plans from two Prospective Resolution Applicants. The CoC urged the PRAs to improvise their Plan value. In the 8th CoC meeting held on 26.11.2024, the Applicant informed the CoC that the RP had not received the Revised Resolution Plans. In the 9th CoC
…Corporate Insolvency…
Applicant issued public…