2020 (2) TMI 1631 - AT - Insolvency and Bankruptcy

CIRP process - modification of interim order - proposed settlement agreement is not all encompassing - HELD THAT - Since, this is a Corporate Insolvency Resolution Process related to a Housing Project and there are 452 allottees out of whom claims has been submitted by 347 allottees, as stated by the Interim Resolution Professional , it is opined that since the proposed settlement agreement is not all encompassing, it would be appropriate to modify the Interim Order dated 19th December, 2019 by providing that the Interim Resolution Professional shall go ahead with constitution of Committee of Creditors and carry forward the Corporate Insolvency Resolution Process. Post the appeal for admission (after notice) on 25th March, 2020.

Summary

The National Company Law Appellate Tribunal, New Delhi modified the Interim Order in a Corporate Insolvency Resolution Process related to a Housing Project. The Interim Resolution Professional will proceed with constituting Committee of Creditors and continue the resolution process as the proposed settlement agreement is not comprehensive. The appeal is posted for admission on 25th March, 2020.