The case involves an application filed by the Resolution Professional (RP) of the Corporate Debtor, VOVL Limited, seeking an extension of time for the completion of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and the RP was appointed. The RP received resolution plans from four proposed resolution applicants, which are currently under deliberation by the Committee of Creditors (CoC). The application for extension was deemed necessary because the CIRP period was nearing its end, and the Corporate Debtor is involved in investing in offshore oil and gas assets through its subsidiaries, requiring cross-border negotiations and compliance with multiple jurisdictions.
Pravin R. Navandar, the Resolution Professional (RP) of VOVL Limited, filed an application seeking an extension of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, VOVL Limited, was admitted into CIRP on November 8, 2019, and the RP was appointed on January 20, 2020. The RP received resolution plans from four applicants, which are under consideration by the Committee of Creditors (CoC). The CIRP period was set to end on November 21, 2022. The Corporate Debtor is engaged in investing in offshore oil and gas assets through its subsidiaries, including Videocon Energy Brazil Limited (VEBL), which has a joint venture with Bharat Petroleum Ventures BV (BPRL). The resolution plans involve the transfer of VEBL's stake in the joint venture, requiring
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The Corporate…
The present Applicant…
The case involves an application filed by the Resolution Professional (RP) of the Corporate Debtor, VOVL Limited, seeking an extension of time for the completion of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and the RP was appointed. The RP received resolution plans from four proposed resolution applicants, which are currently under deliberation by the Committee of Creditors (CoC). The application for extension was deemed necessary because the CIRP period was nearing its end, and the Corporate Debtor is involved in investing in offshore oil and gas assets through its subsidiaries, requiring cross-border negotiations and compliance with multiple jurisdictions.
Pravin R. Navandar, the Resolution Professional (RP) of VOVL Limited, filed an application seeking an extension of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, VOVL Limited, was admitted into CIRP on November 8, 2019, and the RP was appointed on January 20, 2020. The RP received resolution plans from four applicants, which are under consideration by the Committee of Creditors (CoC). The CIRP period was set to end on November 21, 2022. The Corporate Debtor is engaged in investing in offshore oil and gas assets through its subsidiaries, including Videocon Energy Brazil Limited (VEBL), which has a joint venture with Bharat Petroleum Ventures BV (BPRL). The resolution plans involve the transfer of VEBL's stake in the joint venture, requiring
…The Corporate…
The present Applicant…