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TaxTMI 
TaxTMI 
2020 (12) TMI 1130
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....gulations, 2016 ('Regulations') by the Resolution Professional ('RP') on behalf of the Committee of Creditors seeking extension of time limit for completion of Insolvency Resolution Process of the Corporate Debtor. 2. That this Adjudicating Authority vide its order dated 15.11.2019 admitted the petition filed by the Corporate debtor Viz., Nithin Grains and Mills Private Limited for initiating Corporate Insolvency Resolution Process (CIRP) for itself due to its default in payment of a financial debt under Sec 10 of the IBC read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 and has appointed Mr. Pavan Kankani as the Interim Resolution Professional (in short, "IRP"). Moratorium w....
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.... on 08.02.2020, the COC recommended for appointment of B. Naga Bhushan as the Resolution Professional replacing the IRP, Mr. Pavan Kankani. But this Hon'ble Tribunal was pleased to dismiss the application filed (IA No. 31 of 2020 in CP (IB) 157/10/AMR/2019) by Bank of India, the sole member of CoC earlier, on 20.02.2020 seeking appointment of B. Naga Bhushan as the Resolution Professional, as the COC did not resolve to replace the IRP with the new Insolvency Professional as the RP, in its first meeting itself. Aggrieved by the said order, the Financial Creditor (BOI) Appealed against the (Impugned) Order and the Hon'ble Appellate Tribunal Authority was pleased to allow the appeal (Company Appeal (AT) (Ins) No. 501 of 2020) on 03.06.....
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....ld have expired on May 13, 2020. In the wake of spread of COVID 19 pandemic, Our Hon'ble Prime Minister, in consultation with Ministry of Home Affairs and under the directions of National Disaster Management Authority(NDMA) Ordered Ministries/Departments of Government of India, State Governments and State Authorities to take measures for ensuring social distancing so as to prevent the spread of COVID-19 in the country by imposing national lockdown initially for 21 days i.e., w.e.f. March 25, 2020 till April 14, 2020 and extended the same from time to time as detailed in the below mentioned table. Lockdown From To No. of Applicable todays Lock down , 1.0 25.03.2020 14.04.2020 ....
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....vernment and the State Governments including the period as may be extended either in whole or part of the country, where the Registered Office of the Corporate Debtor may be located, shall be excluded for the purpose of counting of the period for Resolution Process under Sec 12 of IBC, 2016, in all cases where CIRP has been initiated and pending before any Bench of the NCLT or in Appeal before this Appellate Tribunal." In Tirupati lockdown was re imposed by the Government due to spiraling cases of Covid from July 20, 2020 till August 5, 2020. Hence this period of 17 days can also be reckoned for exclusion. The Registered Office of the Corporate Debtor is situated at Tirupati and the factory is in Chittoor dist. On considering the peri....
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....plied with by the earlier IRP. For this reason and also to enable any other person to participate in the process who would have missed the advertisement due to lockdowns, it was decided by the CoC with 100% voting power to once again issue Expression of Interest (Form G). The same was released on 17.08.2020 and the last date for receipt of application now stands at 01.09.2020. It was also agreed to in the meeting that the EOI received in response to the earlier Form G would also be considered now. 16. It is submitted that the CoC was informed that the process of evaluation of the Resolution plans takes some time which would take the time frame to a date beyond the present last date of CIRP period which is falling on 4th September 2020. ....