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TMI Blog2020 (9) TMI 1195X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 August, 2020 to 15 October, 2020 is also considered for being excluded while calculating the number of available days for CIRP calculation. - IA No.123 of 2020 in TCP (IB) No.106/09/AMR/2019 CP (IB) No.382/09/HDB/2019 - - - Dated:- 9-9-2020 - Shri Bhaskara Pantula Mohan, J. For the Applicant : Mrs. JVL. Bharati, Advocate. ORDER 1. The present Application is filed Under Section 12 of the Insolvency Bankruptcy Code, 2016 (Code) read with Regulation 12 (2) of IBBI(Insolvency Resolution Process for Corporate Persons) Regulations 2016, praying for extension of time period of CIRP for a period of 90 days excluding lockdown period, which is under Corporate Insolvency Resolution Process. 2. The brief facts of the case are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equently, several mails were sent but there was no response in writing regarding the present status of assets and liabilities. 5. It is further submitted that in view of non-cooperation of directors of the CD, the RP was unable to take proper control of the affairs of the company. Therefore, he filed and JA before this Adjudicating Authority for issue of direction to CD to cooperate with RP. As per the directions of this Adjudicating Authority in IA Now CD approached with Books and records. 6. It is submitted that in 3 COC meeting which was held on 3.2.2020, since there was delay in publishing EOI and appointment of valuers due to non-availability of books and could not publish EOI. The same was placed before COC in 3rd meeting, COC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process . In view of the above, the schedule of EOI was hauled on 30.03.2020 and again transaction of EOI process was restored from 10.06.2020 (considered 72 days - lock down period) scheduling the last date for receiving the resolution plans from prospective resolution applicants as 15.07.2020. 8. It is submitted that subsequently, RP organized 6 COC dated 17.7.2020, in which COC observed that: (i) No resolution plans were received from the final list applicants dated 25.6.2020. The last date for receiving such proposals was 15.7.2020. As per the time lines and considering the Lock Down period of 72 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion professional is directed to place before the Adjudicating Authority, with a request to consider 90 days time from 17th july 2020 such that the total corporate insolvency resolution process period shall not be exceeded 330 days excluding 72 days lock down period considered, under section 40(C) of Insolvency and Bankruptcy Board of India (Insolvency Resolution process for Corporate persons) Regulations, 2016. RP conducted e-voting on 22.07.2020 in which COC voted 100% in favour of the above resolution as no proposals were received and CD offering an OTS and is under processing by FC. 9. As per the decision taken by COC it is prayed that this Adjudicating Authority may be pleased to issue order extending the CIRP process by a period ..... X X X X Extracts X X X X X X X X Extracts X X X X
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