TMI Blog2020 (1) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... and to enable RP to make all endeavour to achieve resolution of a going concern - Considering the facts of present case, a period of 90 days extension is granted from expiry of 330 days i.e. from 25.12.2019 to enable RP to expeditiously take all the steps to complete CIRP within the extended timeline and achieve resolution and save CD from liquidation. Application allowed. - CA No. 652/ND/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ructure Private Limited was passed on 30.01.2019. The RP has stated that due to various reasons and circumstances beyond his control, the CIRP could not be proceeded with. It is further stated that before the order of CIRP was passed, Hon'ble Delhi High Court vide an order dated 10.01.2018 admitting winding up petition appointed provisional liquidator, who had taken, possession of assets of CD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uence the factual CIRP process could not be conducted by IRP/RP and the timeline prescribed under the Code could not be complied. The IRP states that it is only after September, 2019 i.e. almost after 8 months from the order of CIRP the IRP had come in control of the Corporate Debtor to take proper steps for resolution. The IRP has further stated that as per amended section 12 with added provisos, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Constitution of India. 3. It is further stated that in 7th COC meeting held on 13th December, 2019 at agenda item No. 10, the COC members have deliberated the issue for seeking exclusion of time lost during the legal process and resolution was passed authorizing RP to take steps to make good the time lost of CIRP. The said resolution was passed with 99.99% voting share of the COC mem ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
