2024 (6) TMI 1041

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....r 60 days after the last date of PPIRP i.e., 03.05.5024. b) Pass such other or further order as may be deemed fit and proper in the facts and circumstances of the instant case. 2. It is stated that this Adjudicating Authority vide its order dated 04.01.2024 admitted M/s. Kethos Tiles Private Limited ("Corporate Debtor") under Section 54C of the IBC, 2016 r.w. Rule 4 of Insolvency and Bankruptcy (Pre-Packaged Insolvency Resolution Process) Rules, 2021. Mr. Vikash Gautamchand Jain was appointed as Resolution Professional ("RP"). 3. It is stated that the Committee of Creditors ("CoC") was constituted on 11.01.2024 and the report of the same was filed with this Tribunal on 23.01.2024. 4. It is stated that the following works h....

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....te of admission of PPIRP. The CoC further noted that period of PPIRP was expired on 03.05.2024 and the CoC requested the RP to file an application seeking extension of PPRIP period of 60 days. The resolution for seeking extension of PPIRP period was passed with 91.75% voting on 02.05.2024 by E-voting. A copy of 3rd CoC meeting and copy of e-voting is annexed as Annexure- C and Annexure D respectively. 6. In view of the above, the Applicant has filed this application seeking extension of time of PPIRP period by 60 days after the date of completion of PPIRP (120 days) i.e., on 03.05.2024. 7. Vide order dated 03.06.2024 it is stated as under: "Learned counsel for the applicant was asked to provide the provision of law under whic....

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.... to the Adjudicating Authority under sub-section (4) or subsection (12), as the case may be, of section 54K, within a period of ninety days from the pre-packaged insolvency commencement date. (3) Where no resolution plan is approved by the committee of creditors within the time period referred to in sub-section (2), the resolution professional shall, on the day after the expiry of such time period, file an application with the Adjudicating Authority for termination of the pre-packaged insolvency resolution process in such form and manner as may be specified." d) A plain reading of Section 54D of Insolvency & Bankruptcy Code, 2016 reveals that a time period of 120 days from the date of commencement of PPIRP is provided in t....

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.... (d) reference to "resolution professional" in sub-sections (1) and (4) of section 28 shall be construed as "corporate debtor"; (e) reference to "section 31" under sub-section (3) of section 61 shall be construed as reference to "sub-section (1) of section 54L"; (f) reference to "section 14" in sub-sections (1) and (2) of section 74 shall be construed as reference to "clause (a) of sub-section (1) of section 54E"; (g) reference to "section 31" in sub-section (3) of section 74 shall be construed as reference to "sub-section (1) of section 54L". with above mentioned averments it is concluded that the provision under of Section 12 do not apply to the Pre-Packaged Insolvency Resolution Process which is under ....