2020 (9) TMI 1195

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....RP for a period of 90 days excluding lockdown period, which is under Corporate Insolvency Resolution Process. 2. The brief facts of the case are that while admitting the Company Petition bearing CP (IB) No.382/09/HDB/2019., this Adjudicating Authority ordered to commence the Corporate Insolvency Process (CIRP) of the Corporate Debtor by appointing Mr.Pradeep Kumar Sravanam the applicant herein as the Interim Resolution Professional. 3. The Applicant/Resolution Professional herein submits that as per the directions of this Adjudicating Authority, the Applicant/RP has issued the public announcement, in Financial Express (English) & Sakshi Visakhapatnam (Telugu) Khammam edition daily News papers, dated 14.09.2019, calling for the claims,....

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....ublishing EOI and appointment of valuers due to non-availability of books and could not publish EOI. The same was placed before COC in 3rd meeting, COC directed RP to take steps for EOI publication of EOI and also directed RP to get extension of CIRP from this Adjudicating Authority since many things are yet to be finalized. 7. It is also submitted that the Committee, after deliberations, resolved to seek extension of CIRP by 90 days and also prayed this Adjudicating Authority to extend the CIRP period and to exclude the period of litigation in the Hon'ble High Court of Telangana, with 100%voting share. Accordingly RP moved an IA petition for extension of CIRP and this Adjudicating Authority granted 60 days time instead of 90 days. The t....

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....eived from the final list applicants dated 25.6.2020. The last date for receiving such proposals was 15.7.2020. As per the time lines and considering the "Lock Down" period of 72 days and 60 days allowed by the Adjudicating Authority, the process of EOI is to be completed by 17.07.2020. (ii) The committee also noted that in the 2"? COC mee 26.11.2019, the committee has declined the request of the ting dated operational creditor, the applicant who has initiated CIRP against the corporate debtor, for withdrawal of the application submitted un _ 12A of Insolvency and Bankruptcy Code, 2016, is kept in der section abeyance, as CD has not settled the amount outstanding to financial creditor and the process was further continued. ....