9911796707
TMI Blog2020 (10) TMI 1256X X X X Extracts X X X X X X X X Extracts X X X X ..... ent: Nil ORDER This Application is filed by the Resolution Professional under Section 40(2) of CIRP Regulation and Section 12(2) of IBC 2016 for extension of time period of Corporate Insolvency Resolution Process for the following reliefs: (a) Further extension of 45 days from 12.10.2020 to 26.11.2020 to complete the Corporate Insolvency Resolution Process of M/s Churakulam Tea Estate Pv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rivate Limited was admitted by this Tribunal vide order dated 28.11.2019 in IBA/21/KOB/2019 wherein Shri Jasin Jose, an Insolvency Professional was appointed as Interim Resolution Professional who was directed to take necessary action in accordance with the relevant provisions of the Insolvency and Bankruptcy Board of India. The Resolution Professional submitted that the audit report of the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that as per Section 27 of IBC 2016, the Resolution Professional shall within seven days of his appointment, but not later than forty seventh day from the CIR process commencement appoint two registered valuers to determine the fair value and the liquidation value of the Corporate Debtor in accordance with Regulation 35. It is stated by the RP that in order to provide the brief details of Assets ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the extended time schedule. The CoC decided to give time upto 23.9.2020 to resubmit the revised resolution plan. However the resolution plan was not finalised as the resolution applicant sought time of two weeks to resubmit the plan, for the reason that the resolution applicant has tested with Covid 19 positive. In the 8th CoC, it was resolved to allow two weeks' time more to the resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Professional is directed to complete the Corporate Insolvency Resolution Process on or before 26.11.2020. 8. For the reasons stated in the I.A that there is a delay in appointing the registered valuers as also in submitting the information memorandum in electronic form, this Tribunal is of the view that the request being genuine, the delay may be condoned. Hence, the delay of 28 days in the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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