2018 (8) TMI 1033

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..... eriod of 180 days is to expire on 12.02.2018 and sanction be granted for moving an application before the Adjudicating Authority for extension of the period. The CoC has behaved the way we have recorded in the preceding paras. Held that:- A strange phenomena has developed in so far as the functioning of CoC is concerned. - we direct the Resolution Professional to bring this order to the notice .....

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..... 02.2018. It is pertinent to mention that in the voting both the Financial Creditors namely Axis Bank and Oriental Bank of Commerce expressed the opinion in favour of liquidation of the Corporate Debtor but kept it subject to the approval of Competent Authority. The approval by the Oriental Bank of Commerce representing 35.59% of vote sharing came on 07.02.2018 whereas the approval by the Axis Bank .....

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..... a block in the time bound process contemplated by the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code'). Such like speed breakers and roadblocks obviously cause obstacles to achieve the targets of speedy disposal of the CIR process. In the case of M/s. Innoventive Industries Ltd. v. ICICI Bank and Ors. , (2018) 1 SCC 407 Hon'ble the Supreme Court has observed that spe .....

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