TaxTMI 
TaxTMI 
2020 (11) TMI 287
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....BI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 praying the Tribunal to exclude the period of lockdown due to Covid-19 imposed by the Central Government and the State Government of Telangana from the Corporate Insolvency Resolution Process period (the period from 22.03.2020 to 31.07.2020) since the CIRP period had come to an end during the lock down period on 28.04.2020 and extend for a further period to complete the CIRP upto 06.09.2020 according to Regulation 40C since the COC in its meeting held on 22.06.2020 resolved to exclude the lockdown period to facilitate the Prospective Resolution Applicants to submit the Resolution Plans. Since the Applicants are from Singapore and Hongkong and they are affected with C....
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....k permission for extension of CIRP by another 90 days. 5. It is averred as per the Minutes of 6th COC Meeting, the Applicant herein had filed an application bearing IA No. 1047 of 2019 on 15.11.2019 before the Tribunal seeking extension of CIRP period for a further period of 90 days beyond 180 days, which is going to expire on 30.11.2019. The said IA was allowed by the Hon'ble Tribunal and issued orders on 22.11.2019 extending the CIRP period by another 90 days i.e. upto 28.02.2020. 6. It is averred in the 10th COC Meeting held on 23.01.2020, the Resolution Applicants made a presentation to the COC members and the COC felt that the amount of bid can be improved and requested the Resolution Applicants to improve their bid amounts. ....
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....improve the bid amount and reduce the plan period. The Resolution Applicants informed the COC that they will consult their internal committees and inform. 10. It is averred in the 14th COC meeting held on 27.04.2020, the COC considered the alternate option of Security Receipts of Invent ARC in the place of NCD of Longview Resources (HK) Limited. The Personal Guarantees will not be released and the prorate release of securities was arrived at and the Resolution Professional was requested to convey the same to the Resolution Applicants. It is also averred in the 15th COC meeting held on 04.05.2020, the Resolution Plan was extended to 4 years, the COC wanted to have an interest element for the staggered payments. The release of security was....
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....ckdown due to Covid-19 from CIRP period (the period from 22.03.2020 to 31.07.2020) and extend for a further period to complete the CIRP by 06.09.2020 according to Regulation 40C of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. Learned Counsel for Resolution Professional would contend that this Tribunal was pleased to extend the CIRP by another 90 days beyond 180 days which was expired on 28.02.2020. 14. Learned Counsel for Resolution Professional further contended in IA 206/2020 this Tribunal directed CIRP to be completed within 330 days from the commencement date of CIRP. 15. Learned Counsel for Resolution Professional would contend the extended period of 330 days for completion of the CIRP come....