2022 (4) TMI 1160

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....ution Process for corporate persons) Regulation 2016, with a prayer to extend the time for completion of corporate insolvency resolution process by a further period of 30 days from 15.03.2022. 2. As per the order dated 25.02.2021 CIRP was initiated against the Corporate Debtor and Mr. Sanjeev Ahuja (IBBI/IPA-002/IP-N00028/2016-2017/10061) was appointed as the interim resolution professional. The first CoC meeting was held on 26.03.2021. The Period of CIRP had expired on 15.03.2022. 3. It is submitted that the applicant filed an application bearing IA No. 3897/ND/2021 seeking extension of 90 days for completion of CIRP and the same was allowed vide order dated 07.09.2021 extending the period for further 90 days i.e. 26.12.2021. Subsequ....

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.... voting. The relevant explanation of the Resolution is as under: "Explanation: There are technical issues involved in the (Resolution Plan) variant with respect to assignment of third-party properties and there have been some unanswered questions of some COC members. Since the IBC law is not clear and does not address the assignment aspect, COC decided to avoid any confusions and challenges going forward and accordingly, COC has unanimously agreed to consider the plain vanilla variant of the same Resolution Applicant as requested by the RA himself, and seek necessary approvals, for which COC members need some additional time. All the COC members are PSU banks and have a set procedure to seek the approvals/mandates, hence the reques....