2018 (3) TMI 1697 - Tri - Insolvency and Bankruptcy

Extension of period of Corporate Insolvency Resolution Process - Held that - Vide resolution taken in the COC meeting dated 06/03/2018, COC has taken a unanimous decision for extension of time period of CIRP by 90 days so as to successful completion of CIRP process, Being satisfied that the resolution has been taken unanimously by the COC as per Section 12(2) of the Insolvency and Bankruptcy Code, 2016 and the duration of CIRP beyond 180 days is to be granted - the duration of CIRP extended by 90 days beyond 180 days w.e.f. 18/03/2018 - For further progress report list it on 02/05/2018.

Summary

The National Company Law Tribunal, Kolkata extended the Corporate Insolvency Resolution Process (CIRP) period by 90 days beyond the initial 180 days as per the unanimous decision of the Committee of Creditors (COC). The CIRP is ongoing with two Expression of Interests under consideration. Next progress report scheduled for 02/05/2018.