9911796707
TMI Blog2021 (8) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... iod of 60 days from the total period of 90 days granted by the Hon'ble Tribunal vide Order dated 25.03.2021, thereby extending the CIRP period upto 24.08.2021. 2. Brief averments made by the Applicant/Resolution Professional in the present Application are described hereunder: i. This Tribunal vide Order dated 28.01.2020 admitted the Company Petition bearing CP (IB) No. 220/7/HDB/2019 filed by the Financial Creditor/State Bank of India against the Corporate Debtor/M/s. Oil Country Tubular Limited and initiated CIRP process by appointing Mr. Sisir Kumar Appikatla as Interim Resolution Professional, who was later confirmed as Resolution Professional in the 1st COC meeting held on 29.02.2020. ii. On assuming charge as Interim Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llegal, arbitrary and unconstitutional. vi. It is also averred that in the said writ petition, the Petitioner has also filed an IA No. 1 of 2020 praying to restrain the RP and COC from considering any other proposals contrary to the OTS letter dated 07.09.2020 pending disposal of the WP No. 20376 of 2020 on the file of the Hon'ble High, Court. In this regard, The Hon'ble High Court allowed IA 1 of 2020 on 16.11.2020. The order was further extended by another 8 weeks' time vide order dated 17.12.2020. By virtue of the said order by the Hon'ble High Court, RP was constrained not to go forward for publication of inviting EOI in Form 'G' It is averred that one of the prospective Resolution Applicants i.e. Maharashtra S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive Resolution Applicants with the last date for submission of Resolution Plans was 25.05.2021 and received 11 applications from the Prospective Resolution Applicants. It is averred that the RP is under an obligation to verify the eligibility of all the prospective resolution applicants under Section 29A of the Code and he is in the process. ix. It is averred that due to the second wave of Covid-19 pandemic, lockdown was imposed in various states as well as in the State of Telangana w.e.f. 12.05.2021 to 30.05.2021. It is also averred that the Prospective Resolution Applicants are seeking lot of technical information relating to the Corporate Debtor and RP has been providing all the relevant information to them from time to time even thoug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution applicants from 25.05.2021 to 30.06.2021 and also authorized the RP to file the instant application for exclusion of 60 days from the 90 days period granted by the Hon'ble Adjudicating Authority vide its order dated 25.03.2021. The Extract of the Resolution is as follows: "RESOLVED to approach the Hon'ble NCLT for the extension of the CIRP by a further period of 60 days excluding the lockdown period, beyond what was ordered by Hon'ble NCLT on 25.03.2021 and to authorize the RP to file the necessary application before the Hon'ble NCLT, Hyderabad". xiii. It is averred that as there are several prospective resolution applicants, who have evinced interest in resolution of the Corporate Debtor and there being a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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