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TMI Blog2017 (11) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Arjun Sheth, Ld. Adv. For The Respondent : I.R. Patel, Ld. Adv. ORDER 1. This Application is filed by the Promoter/Director of Gujarat Oleo Chem Limited (Corporate Debtor) seeking extension of time for completion of the Insolvency Resolution Process under Section 60 sub-section (5) Clause (c) read with Section 12 of the Insolvency and Bankruptcy Code, 2016 ["IB Code" for short] and Rule 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o arrive at a Resolution Plan. It is further stated that although the Committee of Creditors agreed to give one more month's time on 19.9.2017, the Committee of Creditors did not choose to pass a resolution seeking extension of time for completion of Resolution Process under Section 12 of the Code. It is also stated that the Valuation Reports have not been obtained in respect of the assets of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Corporate Insolvency Resolution Process beyond 180 days on the basis of Resolution passed at a meeting of the Committee of Creditors by a vote of 75 per cent of the voting shares. 5. In this context, it is necessary to refer to the Fourth Meeting of the Committee of Creditors of Gujarat Oleo Chem Limited held on 19th day of September, 2017. In Agenda No.4 of the said Resolution, it is mention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the 4th Meeting of the Committee of Creditors held on 19th September, 2017. 6. Coming to Section 60(5)(c) of the Code, it gives jurisdiction to the Adjudicating Authority to decide the question of priorities, question of law or facts arising out of or in relation to the Insolvency Resolution. But, while deciding the question of priorities or question of law or facts arising out or in relation to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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