NCLT JUDGEMENT ON SECTION 7, 12(2), 12(3) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, REGULATION 40 OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016 AND REGULATION 40(C) OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (THIRD AMENDMENT) REGULATIONS, 2020
In Re_ Sumit
Binani, Resolution Professional Of Mahanadi Power Company Limited Vs. (2020) 07
NCLT CK 0095
NCLT allowed the application
filed by the applicant under section 12(2) of the Insolvency and Bankruptcy
Code, 2016 Read with Regulation 40 of the IBBI (Insolvency Resolution Process for
Corporate Persons) Regulation, 2016, for extension of CIRP process of the Corporate
Debtor by 90 days. While allowing the petition NCLT held that In this case, the
commencement of CIRP was approved by this Adjudicating Authority vide its order
dated 03.10.2019 in CP (IB) No.492/7/HDB/2019 and 180 days was completed on
31.03.2020. in view of the progress made in the CIRP and 97.5% voting shares of
the CoC members in favour of the Resolution passed by the CoC in its 5th
meeting held on 24.03.2020, this Adjudicating Authority hereby grants extension
of CIRP period in the matter of M/s. KSK Mahanadi Power Company Limited beyond
180 days by further 90 days. It is further made clear that the computation of
such extension of time period shall be computed in accordance with the
Regulation 40C of IBBI (Insolvency Resolution Process for Corporate Persons)
(Third Amendment) Regulations, 2020.Further, upon considering the aspect of
extension of period of 90 days, this Adjudicating Authority deems it proper not
to adjudicate upon the aspect of exclusion of period of 99 days at this point
of time. However, Applicant/RP is at liberty to approach before this
Adjudicating Authority at appropriate juncture of time, if desired so.
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