2018 (8) TMI 1033

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....avgi, Advocates ORDER During the course of hearing we have been apprised that the last meeting of the CoC took place on 05.02.2018 and the resolution was adopted for liquidation of the Corporate Debtor namely SBJ Exports and Manufacturing Private Limited. The period of 180 days for the CIR process came to an end on 12.02.2018. It is pertinent to mention that in the voting both the Financial Cred....

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.... recorded in the preceding paras. A strange phenomena has developed in so far as the functioning of  CoC is concerned. In a number of cases it has now been seen that Members of the CoC are nominated by Financial Creditors like Banks without conferring upon them the authority to take decision on the spot which acts as a block in the time bound process contemplated by the Insolvency and Bankru....