2020 (2) TMI 1539 - Tri - Insolvency and Bankruptcy

Seeking extension of time for completion of CIRP, beyond 180 days - HELD THAT - It is stated that the CIRP was initiated against the corporate debtor company i.s. M/s Lakshmi Energy and Foods Limited on 03.09.2019 and 180 days are to be expired on 01.03.2020. It is further stated that there is an ample chance of getting the resolution of the corporate debtor company by way of receiving resolution plans and hence, there is a need for extension of time period. Application is allowed and the period of CIRP in respect of the corporate debtor is extended by 90 days w.e.f. 01.03.2020.

Summary

The National Company Law Tribunal, Chandigarh Bench allowed the extension of time for completion of Corporate Insolvency Resolution Process (CIRP) for M/s Lakshmi Energy and Foods Limited by 90 days, starting from 01.03.2020. The extension was approved by the Committee of Creditors (COC) with 100% voting share. (Case: Ajay Kumar Vatsavayi And Pradeep R. Sethi, Citation: 2020 (2) TMI 1539)