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TMI Blog2021 (3) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... quest of Resolution Professional to extend the CIRP period for a further period of 90 days is justifiable. The prayer of the Resolution Professional to extend the period of Corporate Insolvency Resolution Process for a further period of 90 days from 18-10-2020 is hereby allowed. - IA No. 174/KOB/2020, TIBA No. 11/KOB/2019, IBA No. 28/KOB/2019 - - - Dated:- 2-11-2020 - Ashok Kumar Borah, JUDICIAL MEMBER For the Applicant : Bijoy Prabhakaran Pulipra, Resolution Professional ORDER 1. This order has arisen out of the IA filed under section 12(2) of IBC 2016 by the Resolution Professional seeking extension of the period of Corporate Insolvency Resolution Process for a further period of 90 days in order to complete the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... guidelines on Unlock 2.0 . 5. The RP accordingly had filed MA/72/KOB/2020 with regard to the applicability of Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking reinstatement of the CIR Process pursuant to the Unlock 2 declared by Government of India. This Tribunal vide order dated 27-8-2020 allowed the said MA, which ultimately extended the CIRP period from 15-5-2020 to 18-10-2020. 6. The RP now vide this IA submitted that the eligible Prospective Resolution Applicant had submitted the Resolution Plan to the RP as per Section 30 of the IBC 2016 on 1st October 2020. There is a requirement to conduct the due diligence of the Prospective Resolution Applicant based on the materia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the CIRP Regulations and submit the Resolution Plan approved by the Committee of Creditors to the Adjudicating Authority at least fifteen days before the maximum period for completion of Corporate Insolvency Resolution Process under section 12, ie. on or before 2nd October 2020, along with a compliance certificate in Form H of the Schedule and the evidence of receipt of Performance Security required under Sub-Regulation (4A) of Regulation 36 B for its order approving or rejecting the Resolution Plan. 9. Considering the constraint of time to conduct the due diligence of the prospective Resolution Applicant based on the material available on record to examine and satisfy their eligibility to submit the Resolution Plan under the Code an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Applicant(s) to submit Resolution Plan(s), subject to the approval of the Adjudicating Authority. 11. I have heard the arguments advanced by the RP. In view of the fact that there is only one Prospective Resolution Applicant before the Committee of Creditors as on date and the time to examine the resolution plan under the Code and verification of the contents of the resolution plan is limited, and also the intention of the Committee of Creditors to invite fresh Expression of Interest to enable more bona fide resolution applicants to bid for the revival of the Corporate Debtor seems to be reasonable, I am of the view that the request of Resolution Professional to extend the CIRP period for a further period of 90 days is justifia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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