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TMI Blog2020 (1) TMI 1222X X X X Extracts X X X X X X X X Extracts X X X X ..... thority for extension of CIRP for another 90 days, beyond a period of 180 days in line with the provisions of Section 12(2) of the Insolvency Bankruptcy Code(Amendment) Act, 2019. Thus, a period of 90 days to be extended for in order to complete the CIRP - the judgment which can be relied upon of Hon'ble Supreme Court In the matter of Swiss Ribbons Private, Limited. And Others v. Union of India and Others [ 2019 (1) TMI 1508 - SUPREME COURT ] contending that if the time sought for by the Corporate Debtor to end of the CIRP is not granted then the consequence for the Corporate Debtor is to go for liquidation which is not at all the objective of the Code. This Authority is of the considered view that the circumstances justify th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due to the criteria of consistent track record of PAT for past three years has prepared the revised EOI in Form G and eligibility criteria for evaluation matrix and requested for the resolution plans. Thereafter, the COC members in the 6th CoC meeting dated 22.11.2019 has unanimously approved the revised terms of EOI, evaluation matrix as proposed by RP with necessary input of IP entity. 5. In the 6th COC meeting dated 22.11.2019, the member of the COC, in order to keep the Corporate debtor as going concern and for issuance of fresh FORM G; the committee of creditors with 100% voting in favour has considered and approved the extension of CIRP period beyond the existing period of 180 days and to file an application before this Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mainstream, it is able to repay its debts, which, in turn, enhances the viability of credit in the hands of banks and financial institutions. Above all, ultimately, the interests of all stakeholders are looked after as the corporate debtor itself becomes a beneficiary of the resolution scheme - workers are paid, the creditors in the long run will be repaid in full, and shareholders/investors are able to maximize their investment. Timely resolution of a corporate debtor 1 who is in the red, by an effective legal framework, would go a long way to support the development of credit markets. Since more investment can be made with funds that have come back into the economy, business then eases up, which leads, overall, to higher economic growth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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