Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1482 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADExtension of time limit for Resolution process by 90 days - section 12 of Insolvency and Bankruptcy Code, 2016 Read with Regulation 40 of the Insolvency and Bankruptcy Board of India, Regulations, 2016 - HELD THAT:- The minutes of 5th COC meeting which is called for seeking extension of CIRP by another 90 days. The members with aggregate voting share of 93.68% of total voting share in COC and 100% of voting share of the members present passed resolution seeking the extension of CIRP by another 90 days - The RP is authorized to move the application before Adjudicating Authority for extension of CIRP. The grounds for extension is to complete the CIRP of the corporate debtor and comply with the timelines as specified in CIRP Regulations and under IBC, 2016 and for the purpose to extend the CIRP period for 90 days beyond 180 days. These are genuine grounds for extension of CIRP by another 90 days. CIRP is extended by another 90 days beyond 180 days with effect from 14.08.2019 - Application allowed.
|