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TMI Blog2020 (12) TMI 1130X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Authority may be pleased to extend the period of the Corporate Insolvency Resolution Process of the Corporate under Section 12(2) of the IBC 2016 by a further period of 90 days from the date of completion of 180th day i.e. from 4th September 2020 to 3rd December 2020. The extension of CIRP by 90 days is granted and the period of 98 days from March 25,2020 to June 30, 2020 is also considered for being excluded while calculating the number of available days for CIRP calculation. - IA No. 113 of 2020 in CP (IB) No. 157/10/AMR/2019 - - - Dated:- 4-9-2020 - Bhaskara Pantula Mohan, Member (J) For the Appellant : B. Naga Bhushan, PCS ORDER Bhaskara Pantula Mohan, Member (J) 1. This Application is being filed under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016 on December 08, 2019. As per the Committee of Creditors constituted, Bank of India was the sole financial creditor of the corporate debtor with an admitted claim of ₹ 25,28,14,921.63. 5. That the applicant had filed a report certifying the Constitution of Committee of Creditors of the Corporate debtor in compliance to Regulation 17(1) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016 on December 08, 2019. 6. That the IRP has conducted first four CoC meetings which are held on 1st CoC Meeting - December 14, 2019 (adjourned to December 15, 2019 for lac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 3rd CoC meeting held on February 08, 2020, IRP received two more claims from Mr. P. Sudhir Reddy and Mr. T. Sahith Reddy who filed their respective claims as financial creditors. The IRP admitted the two as Financial Creditors upon his verification, and reconstituted the COC on March 15, 2020 with voting powers of 42.86%, 33.69% and 23.45% of Bank of India, Mr. P. Sudhir Reddy and Mr. T. Sahith Reddy respectively. 10. It is submitted that on the directions of the CoC in the meeting held on March 15, 2020, the Interim Resolution Professional published the Form G in newspapers on March 17, 2020 and invited Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs) for submission of Resolution Plan of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31.05.2020 14 days Entire Nation Lockdown 5.0 01.06.2020 30.06.2020 30 days Containment Zones Lockdown only in Tirupati. 20.07.2020 05.08.2020 17 days Tirupati and also Chittoor dist In the meanwhile, the Ministry of Corporate Affairs has amended IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by way of notification dated 20th April, 2020 (w.e.f. March 29, 2020) relating to CIRP time-lines. The same is reproduced below - Reg 40C of the above said Regulation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is submitted that the applicant has taken charge as RP effective from June 24, 2020 after this Hon'ble Tribunal dismissed the application filed by IRP seeking directions and clarifications with respect to the order of NCLAT, where the undersigned is appointed as the RP on June 03, 2020. 13. It is further submitted that as per the Orders of the Hon'ble NCLAT DATED June 3, 2020, the claims received subsequent to the original constitution of Committee of Creditors on 08.12.2019 and subsequently reconstituted on 15.03.2020 were revisited by the Resolution Professional. The RP has reconstituted the Committee of Creditors on 24.07.2020 and has filed the Report constituting the Committee of Creditors on 24.07.2020 before the Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional to seek the approval of the Hon'ble Adjudicating Authority for extension of the period of CIRP by a further period of 90 days which would enable the RP to successfully complete the resolution process. The following resolution was passed) by the CoC. Resolved that in accordance with Sec 12 of Insolvency and Bankruptcy Code, 2016 read with Reg.40 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and other applicable rules and regulations including National Company Law Tribunal Rules, 2016, Mr. B. Naga Bhushan, Resolution Professional be and is hereby authorized to make an application along with all the required documents to the Adjudicating Author ..... X X X X Extracts X X X X X X X X Extracts X X X X
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