2020 (9) TMI 304

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....di Power Company Limited, 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, inter-alia seeking the following relief(s): a) That the period of (i) six (6) days from 13.12.2019 to 1{8.12.2019 pertaining to the period during which the IRP was directed not to conduct any CoC meeting in terms of the NCLT order dated 13.12.2019; (ii) seven (7) days from 15.03.2020 to 21.03.2020, in terms of the Hon'ble Supreme Court's Order extending the period of limitation; and (iii) eight (8) days from 09.06.2020 to16.06.2020 for confirmation of the IBBI on replacement of the interim resolution professional with the Resolut....

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....de its order dated 13.12.2020 in IA No. 1128/2019, directed the IRP not to conduct any CoC meetings until the next date of hearing on 18.12.2019 and six (6) days have been lost in carrying out the CIRP of the Corporate Debtor. iii. That in the th CoC meeting held on 22.01.2020, decided to replace the IRP with the Applicant, Mr. Sumit Binani as RP for the CIRP of the Corporate Debtor. The CoC with 89.60% of voting shares resolved for replacing the IRP to RP, but IRP disputed the same and challenged the decision of CoC by filing an Application bearing IA No.23 5/2020 before this Adjudicating Authority. On 09.06.2020, This Adjudicating Authority had pronounced the orders in the said Applications and posted the same for confirmation of....

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.... COVID-19 travel to various plants sites for conducting due diligence by the PRAs has been severely impacted which resulted in delays in receipt of Eols by few of them. Accordingly, the due date for submission of Eols has been further extended till 21.06.2020 with the prior approval of CoC members through email. v. That the COC felt that an extension of the CIRP for a further period of 90 (ninety) days is necessary for the success of the CIRP of the Corporate Debtor as the RP could not complete the process even after the exclusion of the 99 days as detailed in the above table. Accordingly, the extension of 90 (ninety) days for the CIRP period was put to vote the following resolution as 'Agenda Item No. 4' on the 5th CoC mee....