Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Tribunal Extends Resolution Process Deadline by 90 Days The Tribunal granted an extension of 90 days beyond the stipulated 180 days for the completion of the resolution process under Section 12 of the ...
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tribunal Extends Resolution Process Deadline by 90 Days
The Tribunal granted an extension of 90 days beyond the stipulated 180 days for the completion of the resolution process under Section 12 of the Insolvency and Bankruptcy Code, 2016. The application for extension of time was approved unanimously by the Committee of Creditors, and the Tribunal accepted the application after considering the reasons provided and hearing the applicant's counsel. The Tribunal extended the deadline to facilitate the completion of the resolution process, in line with the relevant regulations.
Issues: Application for extension of time for completion of resolution process under Section 12 of the Insolvency and Bankruptcy Code, 2016.
Analysis: The application filed by the Resolution Professional sought an extension of time for completing the resolution process under Section 12 of the Insolvency and Bankruptcy Code, 2016. The basis for this application was the decision of the Committee of Creditors in its 3rd meeting held on 07.12.2017. The reasons for the delay in the process were outlined, including delayed appointment of the Resolution Professional, non-appointment of Registered Valuers by the Interim Resolution Professional, and subsequent delays in submission of valuation reports. The Resolution Professional had received Expression of Interest from five applicants for submitting a Resolution Plan, and the last date for submission was extended to 18.12.2017. It was mentioned that the approval of the Resolution Plan might not be completed by 07.01.2018, hence an extension of 90 days beyond the stipulated 180 days was sought in accordance with the relevant regulations.
The resolution for seeking an extension of time was passed with 99.67% voting share of the Committee of Creditors, and later two more creditors exercised their voting rights by e-voting, resulting in 100% voting in favor of the resolution. The Tribunal, after considering the application, the reasons provided in the resolution, and hearing the counsel for the applicant, deemed the application deserving of acceptance. Consequently, the period of 180 days expiring on 07.01.2018 was extended for 90 days as per Section 12(3) of the Insolvency and Bankruptcy Code, 2016, to facilitate the completion of the resolution process.
The Tribunal disposed of the application, granting the extension of time, and directed the communication of the order to the counsel for the applicant for necessary action.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI Drafter - (New and Powerful) ✕
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
of 
TaxTMI 
