2018 (7) TMI 1969 - Tri - Companies Law

Application for Extension of CIRP Period - extension sought for a further period of 90 days - HELD THAT - In view of the contents of the Application and the resolutions passed by the COC in its meeting on 19.06.2018, this Authority is satisfied that in the circumstances, the CIRP cannot be completed within 180 days and there is a requirement for extension of the period of time for CIRP - Accordingly, the period of time for CIRP is further extended for 90 days with effect from 13.07.2018 onwards with the direction to the Resolution Professional to expedite the Resolution Plan, if any, and get approved of the COC, if it wishes so and to file the Status Report on or before 27.08.2018. Application disposed off.

Summary

The Tribunal extended the Corporate Insolvency Resolution Process (CIRP) period for 90 days as requested by the Resolution Professional under section 12(2) of the I&B Code, 2016. The extension was granted due to the inability to complete CIRP within 180 days. The Resolution Professional was directed to expedite the Resolution Plan and file a Status Report by 27.08.2018.