2020 (7) TMI 775

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..... rs, then there is every likelihood of stalemate between secured financial creditor and unsecured financial creditor as reflected from various IAs filed in recent past. In that event, the very object of the IBC will get frustrated and the CIRP cannot be concluded within the stipulated time. In view to save the time, it is expedient to pass appropriate order in the application, for the interest of j .....

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..... to the issue of stalemate of appointment of RP. Meanwhile, there was a Lockdown due to Covid-19, consequent upon which, all the applications are remained pending. On the other hand, on perusal of the records, it is found that the CIRP period of 180 days expired on 4 March 2020 and, thereafter, the same was extended for further 90 days, the said period has already been expired. Learned lawyer .....

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