9911796707
TMI Blog2020 (5) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... he impugned order dated 7th August, 2019 merely on the ground that the Appellant will have to face the consequence. If one or other Resolution Plan is found to be more viable and feasible and will maximise the assets of the Corporate Debtor , balancing all the stakeholders by maximising the assets of the Financial Creditor / Operational Creditor and others, no right accrues to any individual Applicant(s) to stall such process. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 861 of 2019 - - - Dated:- 13-11-2019 - Justice S.J. Mukhopadhaya Chairperson, Justice A.I.S. Cheema Member (Judicial) And Kanthi Narahari Member (Technical) For the Appellant : Mr. Ramji Srinivasan, Senior Advocate with Mr. Ajay K. Jain, Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id Resolution Applicant - M/s. Honest Orbit Ventures . It was argued that the Resolution Plan was submitted within time prescribed as per the advertisement of Expression of Interest. In this background, the Adjudicating Authority allowed the prayer and directed the Resolution Professional to put up the Resolution Plan before the Committee of Creditors for due consideration and the said prayer was declared to have become redundant. 4. The outcome of the above decision was to direct the Committee of Creditors to convene a Meeting on 12th August, 2019, at a time and place as may be decided by the Committee of Creditors . It was ordered to open the Resolution Plan and put up the same before the Committee of Creditors for due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidered. 11. Section 12 of the I B Code has been amended recently and come into effect w.e.f. 16th August, 2019 which reads as follows: 12. Time-limit for completion of insolvency resolution process.─ (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process. (2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of seventy-five per c ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
