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TMI Blog2021 (7) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... ar off the debt due to the Respondent in the IBA and the other Creditor CSB Bank so as to get re-structured the applicant company. ii. To keep the further proceedings in the case in abeyance including the further steps of the CIRP in the matter. 2. The brief facts of the case are that by order dated 22.4.2020, this Tribunal admitted the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Amarjeet Singh, Proprietor of Vineet Enterprises, Ernakulam, Kerala, the operational creditor against M/s. Goodwin Packpet Private Limited, corporate debtor and appointed an Interim Resolution Professional directing him to take necessary steps as contemplated under the relevant provisions of the Act and Regulations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y intimating about the initiation of liquidation proceedings. On 26.2.2021, the Applicants requested for granting 3 months' time so that they could re-structure the company by clearing off the debt due to the Respondent in the IBA and the other creditor CSB Bank. But the respondent granted only time up to 11.4.2021 as per his letter dated 29.3.2021. Therefore, the Applicants filed this Application to grant 45 days' time to the Applicants to clear off the debt due to the Respondent in the IBA and other Creditor CSB Bank. 5. The Liquidator filed counter affidavit stating that on 7th February, 2021, Mr. Kovath Achuthan Anirudhan, Mr. Cheerambath Manikutty Rajeevan and Mr. Puthuppully Pavithran Satheesh, members of the suspended board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re time can be granted to the Applicants to clear off the dues to the Respondent and other Creditor CSB Bank so as to get re-structured the Applicant Company. 7. To arrive at a conclusion whether further time can be granted to the applicants to settle the matter by restructuring the company, we have gone through the 2005 Report of the Expert Committee on Company Law (JJ Irani Committee Report) in which it is stated that to provide an opportunity for genuine effort to explore restructuring/rehabilitation of potentially viable businesses with consensus of stakeholders reasonably arrived at. Where revival/rehabilitation is demonstrated as not being feasible, winding up should be resorted to. Where circumstances justify, the process should all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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