2019 (11) TMI 1493

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....a Pathania, Ami Jain , Vaibhav Sethi and Bhanu Gulati , Advocates For the Respondents : Sumant Batra and Kiran Sharma , CS ORDER 1. The Ld. Counsel for the Resolution Applicant viz., Haldiram Snacks Pvt. Ltd., in consortium with Pioneer Securities Private Limited is present. At this stage, Ld. Counsel for Resolution Professional caused appearance and accepted the notice. 2. The Counsel for the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion Applicant has again approached the Resolution Professional with improved offer as stated above, but due to time constraint, the CoC did not agree to consider the revised offer given. As per the submissions of the Ld. Counsel for the Resolution Professional, CIR Process was initiated on 11.12.2018 and a period of 330 days was completed on 6.11.2019. It is on record that the Resolution Professio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....se cases in which the CIR Process is initiated after the amendment. In relation to first category, the maximum period for CIR Process is 270 days, plus 90 days, which may be granted under third proviso of Section 12. In relation to second category, the mandatory maximum period for CIR Process is 330 days including exclusion of time, if any, spent in litigation. 5. The Ld. Counsel for Resolution P....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erpretation of second and third provisos to Section 12 of I&B Code, 2016 which were brought into force on 16.08.2019. This issue is kept open and will be decided in the appropriate matters. 7. It is submitted by the Counsel for the Resolution Applicant that a considerable improvement is made in the Resolution Plan. However, due to time constraint, the CoC could not make it possible to consider th....