2019 (10) TMI 1380 - Tri - Insolvency and Bankruptcy

Seeking extension of CIR Process period of the Corporate Debtor for a further period of 150 days with effect from 01.10.2019 - HELD THAT - The Application is supported with a Resolution that came to be passed by the COC in its 4th meeting held on 03.09.2019. Therefore, the Application is allowed, the CIR Process period is hereby extended for 150 days with effect from 01.10.2019 with a direction to expedite the process and explore the possibilities of receiving the Resolution Plans for consideration of the COC and adhere to the scheduled as provided under Regulation 40-A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and to file the status report before the expiry of extended period of time to this Authority and, if necessary, may seek appropriate direction for getting the CIR Process completed well in time. Application disposed off.

Summary

The Tribunal extended the Corporate Insolvency Resolution process period for the Debtor by 150 days from 01.10.2019, based on a Resolution passed by the COC. The Resolution Professional was directed to expedite the process and file a status report before the extended period ends. The application was allowed and disposed of accordingly.