2022 (12) TMI 150

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....RCY C. KAVINA, SENIOR COUNSEL WITH MR. VISHAL J DAVE(6515) for the Petitioner(s) No. 1 NIPUN SINGHVI(9653) for the Petitioner(s) No. 1 for the Respondent(s) No. 1 ORAL ORDER 1. Heard Mr. Percy Kavina, learned Senior Counsel with Mr. Vishal Dave, learned advocate with Mr.Nipun Singhvi, learned counsel for the petitioner. 2. Challenge in this petition is to the order dated 21.11.2022 ....

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....f the I.B.C, the CIRP has to be completed within a period of 180 days from the date of admission of the application to initiate such process. Since the period for the process in the case of Brain Master's Classes Private Limited expired on 10.03.2020, in the opinion of the Board, the petitioner should have filed a necessary application for extension of approving the resolution or liquidation which....

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....he relevant portions of the order indicates that after recording the submissions of the petitioner which indicate that though he had all the intentions to conduct the C.O.C Meeting and had prepared the draft agendas, even after having initially made request on 31.01.2020 i.e. before the period expired on 10.03.2020, it is evident from the E-mail communications between the team members that a meeti....

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....n a lapse on his part. 4. Despite these findings, the order impugned herein which only implicates the petitioner in context of contravention (I) in the case of Brain Master's Classes Private Limited to issue directions imposing the penalty of Rs.2 lakhs on the petitioner and in addition thereto held that the petitioner will work as a probationer for four months with other experienced I.P. 5.....