TMI Blog2019 (6) TMI 1561X X X X Extracts X X X X X X X X Extracts X X X X ..... utory period of the CIRP of the Corporate Debtor - Application allowed. - I.A. No. 235 of 2019 in CP (IB) No. 14/BB/2018 - - - Dated:- 6-6-2019 - Rajeswara Rao Vittanala, Member (J) and Dr. Ashok Kumar Mishra, Member (T) For the Respondents : Amit Chandrakant Shah for C.K. Nandakumar and S. Varun ORDER Dr. Ashok Kumar Mishra, Member (T) 1. I.A. No.235 of 2019 in C.P. (IB) No.l4/BB/2018 is filed by Shri Amit Chandrakant Shah, Resolution Professional of M/s.Biodiversity Conservation (India) Private Limited ('Applicant/RP') under Section 60(5) of the IBC, 2016, by inter alia seeking to pass an order excluding 2 (Two) days from the statutory period of the CIRP of the Corporate Debtor, etc. 2. Brief facts of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .01.2019 extended CIRP of the Corporate Debtor by further 90 days beyond 180 days starting from February 05, 2019 i.e. till May 06, 2019 upon an application filed by then Resolution Professional Mrs. Nidhi Seksaria under Section 12 of the Code read with Regulation 40 of the CIRP Regulations. (6) It is also stated that the Tribunal vide its order dated 01.04.2019 allowed the application filed on behalf of the CoC of the Corporate Debtor to change the RP of the Corporate Debtor and appointed Shri Amit Chandrakant Shah having IP Regn. No.IBBI/IPA-001/IP-P00821/2017-2018/11397 as the RP in place of Mrs. Nidhi Seksaria. (7) In terms of the provisions of the IBC, the IRP is inter alia required to (i) collect all information, inter alia, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... insolvency resolution process is stayed by 'a court of law or the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court. (ii) If no 'Resolution Professional' is functioning for one or other reason during the corporate insolvency resolution process, such as removal (iii) The period between the date of order of admission/moratorium is passed and the actual date on which the 'Resolution Professional' takes charge for completing the corporate insolvency resolution process. (iv) On hearing a case, if order is reserved by the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court and finally pass order enabling the 'Resolution Professional' to comple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date that the IRP received a copy of the said Order and took actual control and custody over the assets of the Corporate Debtor. The relevant extract from the 9th CoC Meeting is reproduced as under: RESOLVED THAT pursuant to applicable provisions of the Insolvency and Bankruptcy Code, 2016 and in accordance with rules and regulations made thereunder the Resolution Professional be and is hereby authorised to make an application with the Hon'ble NCLT, Bengaluru Bench for extension of the CIRP period of M/s.Biodiversity Conservation (India) Private Limited for additional 2 (Two) days, on account of delay in receipt of the certified true copy of Order of commencement of the Insolvency proceedings against Biodiversity Conservation (Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
