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The request to extend the Pre-packaged Insolvency Resolution Process for Kethos Tiles Private Limited was denied. Resolution plan not approved within 120 days
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Insolvency and BankruptcyJune 25, 2024Case LawsTri
The Tribunal dismissed the application seeking to extend the Pre-packaged Insolvency Resolution Process (PPIRP) for a Corporate Debtor beyond the specified 120-day period as mandated by Section 54D of the Insolvency and Bankruptcy Code, 2016. No Resolution Plan was approved by the Committee of Creditors within the stipulated time frame, leading to the termination of the PPIRP. The Resolution Professional's reliance on Section 12 of the IBC, 2016 was not accepted. The Tribunal found that the Resolution Professional had not fulfilled obligations under the code, leading to the rejection of the application, termination of the PPIRP, and release of the Corporate Debtor from legal proceedings.
The Tribunal dismissed the application seeking to extend the Pre-packaged Insolvency Resolution Process (PPIRP) for a Corporate Debtor beyond the specified 120-day period as mandated by Section 54D of the Insolvency and Bankruptcy Code, 2016. No Resolution Plan was approved by the Committee of Creditors within the stipulated time frame, leading to the termination of the PPIRP. The Resolution Professional's reliance on Section 12 of the IBC, 2016 was not accepted. The Tribunal found that the Resolution Professional had not fulfilled obligations under the code, leading to the rejection of the application, termination of the PPIRP, and release of the Corporate Debtor from legal proceedings.
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