9911796707
TMI Blog2019 (10) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... e Code by M/s. Worxpace Consulting Pvt. Ltd. for initiation of Corporate Insolvency Resolution Process (CIRP) against IreoFiveriver Pvt. Ltd. (Corporate Debtor) was admitted, moratorium was declared under Section 14 of the Code and Shri Kanwal Chaudhry was appointed as Interim Resolution Professional (IRP). In the second meeting of CoC held on 13.02.2019, Shri Kanwal Chaudhry, IRP was voted to continue as RP and his appointment as RP was so confirmed by order dated 28.02.2019. 2. It is stated that the CIRP is coming to an end on 11.06.2019 when 180 days shall expire from the date of admission of the petition and that by way of the present application, the RP is seeking extension/exclusion of time for running CIRP pursuant to resolution pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lied Ltd. IB-547(PB)/2018 dated 13.05.2019 of the Hon'ble Principal Bench, NCLT New Delhi and it is pleaded that the prayer for exclusion/extension be allowed. 4. We have carefully considered the submissions of the RP and also perused the record. Agenda Item no.9 of third meeting of COC held on 08.05.2019 related to apprising the Members regarding the delay in timelines prescribed under the CIRP regulation and the reasons thereof and filing of an application with Adjudicating Authority for extension taking into account exclusion of period with reasons thereof. The minutes of the meeting note that the appointment of the RP was confirmed only on the 68th day of the insolvency commencement date and despite best efforts, some of the timeli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e prepared and Expression of Interest (EOI) if proposed to be issued. The timelines provided for in form no. G therefore necessitate the extension of the duration of CIRP beyond 180 days. We are satisfied that the subject matter of the case is such that the CIRP cannot be completed within 180 days and we extend the period of CIRP by further 90 days from the date of expiry of 180 days computed from the date of admission of the petition under Section 9 of the Code. 6. The other prayer made is for exclusion for time. We find that in the judgment of the Hon'ble NCLT Principal Bench, in Bhanu Ram (supra) relied upon by the RP, it was noted that the period of 270 days will come to an end on 11.05.2019 and vide order dated 13.05.2019, exclusi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
