2021 (5) TMI 713

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....Insolvency and Bankruptcy Code, 2016, by inter alia seeking to consider the decision taken by the CoC of the Corporate Debtor in its meeting dated 16.02.2021 for exclusion of the Corporate Insolvency Resolution Process by a period of 60 days under the proviso of Section 12(3) with effect from 20.02.2021. 2. Brief facts of the Application, which are relevant to the question, are as follows: (1) Initially, C.P. (IB) No. 286/BB/2019 filed by M/s. Pridhvi Asset Reconstruction & Securitisation Company Limited U/s. 7 of the I&B Code, 2016 R/w Rule 4 of the I&B (AAA) Rules, 2016 was admitted by the Adjudicating Authority vide order dated 17.12.2019 by initiating CIRP in respect of the Corporate Debtor and the Applicant herein Mr. Ravin....

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....cants. The Resolution Professional also mentioned to the CoC that the Prospective Resolution Applicants had approached RP to get the information and also a plant visit which would help them in submitting the plan. However, due to non-possession of the Plant due to non-cooperation of the Corporate Debtor, the process was at a standstill. (6) At the meeting of the CoC, it was proposed to exclude the CIRP period by 60 days due to non-cooperation of the Corporate Debtor w.e.f. 20.02.2021 and passed the following Resolution: "Resolved That the approval of the Committee be and is hereby given to exclude the Corporate Insolvency Resolution Process by a further period of 60 days with effect from February 20, 2021 due to non-cooper....