2018 (7) TMI 2113 - Tri - Insolvency and Bankruptcy

Extension of CIRP period - the period of CIRP i.e.,180 days is expiring today and prayer for extension of the same for a further period of 90 days under Section 12 of the I B Code, 2016 is made - HELD THAT - In the Application and the Resolution passed by the COCs under Para '9' of the Minutes placed at Page No.32 of the Type Set filed by the Applicant, this Authority is satisfied that the time period of CIRP needs to be extended. Therefore, the time period of the CIRP is hereby extended for further period of 90 days with effect from 07.07.2018. Application disposed off.

Summary

The Tribunal extended the period of Corporate Insolvency Resolution Process (CIRP) for 90 days based on a resolution passed by the Committee of Creditors (COCs). The extension was granted under Section 12 of the Insolvency and Bankruptcy Code, 2016.