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TMI Blog2020 (9) TMI 1229X X X X Extracts X X X X X X X X Extracts X X X X ..... of CIRP Regulations, 2016, it is humbly submitted that an extension of 90 days be permitted along with exclusion of 115 days on account of lockdown. The extension of CIRP by 90 days is granted and the period of 98 days from March 25, 2020 to June 30, 2020 is also considered for being excluded while calculating the number of available days for CIRP calculation. Application allowed. - IA NO. 116 OF 2020 IN CP (IB) NO.160/10/AMR/2019 - - - Dated:- 4-9-2020 - Bhaskara Pantula Mohan, Member Judicial. For the Applicant/RP: Mr. B.Naga Bhushan, PCS. ORDER 1. This Application is being filed under Section 12 of the Insolvency and Bankruptcy Code, 2016 ('IBC') read with Regulation 40 of the Insolvency and Bankruptcy Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As per the Committee of Creditors constituted, Bank of India was the sole financial creditor of the corporate debtor with an admitted claim of ₹ 7,67,46,126.39. 5. That the applicant had filed a report certifying the Constitution of Committee of Creditors of the Corporate debtor in compliance to Regulation 17(1) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016 on December 08, 2019. 6. That the IRP has conducted first four COC meetings which are held on 1st CoC Meeting - December 14, 2019 (adjourned to December 15, 2019 for lack of quorum) 2nd CoC Meeting - January 24, 2020 3rd CoC Meeting - February 08, 2020 and 4th CoC Meeting -March 15, 2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive claims as financial creditors. The IRP admitted the two as Financial Creditors upon his verification, and reconstituted the COC on March 15, 2020 with voting powers of 42.86%, 33.69% and 23.45% of Bank of India, Mr. P. Sudhir Reddy and Mr. T. Sahith Reddy respectively. 10. It is submitted that on the directions of the CoC in the meeting held on March 15, 2020, the Interim Resolution Professional published the Form G in newspapers on March 17, 2020 and invited Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs) for submission of Resolution Plan of the Corporate Debtor. The last date for receipt of EOI was March 31 2020. In response to the Form G, the IRP had received EOI from one PRA. 11. It is also submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upati 20.07.2020 05.08.2020 170 days Tirupati and also Chittoor dist In the meanwhile, the Ministry of Corporate Affairs has amended IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by way of notification dated 20th April, 2020 (w.e.f March 29, 2020) relating to CIRP time-lines. The same is reproduced below - Reg 40C of the above said Regulations - Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er submitted that as per the Orders of the Hon'ble NCLAT DATED June 3, 2020, the claims received subsequent to the original constitution of Committee of Creditors on 08.12.2019 and subsequently reconstituted on 15.03.2020 were revisited by the Resolution Professional. The RP has reconstituted the Committee of Creditors on 24.07.2020 and has filed the Report constituting the Committee of Creditors on 24.07.2020 before the Hon ble NCLT, Amaravati. 14. It is submitted that the applicant has also filed a progress report before this Hon'ble NCLT on July 29, 2020 detailing the progress of the CIRP process after taken charge from the IRP. 15. It is also submitted that the Resolution Professional has conducted the 5th CoC on August 5, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Sec 12 of Insolvency and Bankruptcy Code, 2016 read with Reg.40 Insolvency and Bankruptcy Boar of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and other applicable rules and regulations including National Company Law Tribunal Rules, 2016, Mr. B. Naga Bhushan, Resolution Professional be and is hereby authorized to make an application along with all the required documents to the Adjudicating Authority - Hon'ble NCLT, Amaravati to extend the corporate insolvency resolution process period, which is ending on September 4, 2020, by a further period of 90 days that conclude on December 3, 2020. Further Resolved that Mr. B. Naga Bhushan, Resolution Professional be and is hereby authorised to do all su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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