2025 (7) TMI 1715

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....nam for Respondent No.2/ CBI. For the Appellant : Mr. P. Nagesh Sr. Advocate with Mr. Arun Saxena, Mr. Rahul Kumar Singh, Advocates. For the Respondents : CA Piyush Moona, RP in person, Mr. Vinod Kr. Chaurasiya, Advocates for RP for Respondent no.1. Ms. Reema Khorana with Ms. Poonam for Respondent No.2/ CBI. ORDER ( Hybrid Mode ) Heard counsel for the appellant, Ld. Counsel for the Resolution Professional and Ld. Counsel for the Central Bank of India representing the CoC in both the appeals. 2. These appeals have been against the same order dated 23.05.2025 passed in IA No. 2477 of 2025 by which order the application filed by RP to extend the time for completion of Personal Insolvency Resolution Process by 30 days have been rejec....

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....o said resolution passed on 15.05.2025 application was filed by the RP for extension. The prayer was to grant extension, in application was filed by the RP following prayer was made:- "Prayer:- In the aforesaid facts and circumstances, it is most humbly and respectfully prayed that this Hon'ble Tribunal may be pleased to: i. Grant extension of 4th extension of 30 days from 20.05.2025 till 19.06.2025 in the PIRP period to vote on the resolution plan and submit his report in terms of section 112 of IBC, 2016; ii. Pass such order or directions as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case." which application came to be rejected by the impugned order. Adjudicating Authority whil....

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....the request of the Union Bank of India and State Bank of India that decision was taken to seek extension for 30 days and it was also noticed in the minutes that 61% of committee of creditors had already voted and only 39% of voters need to be noticed. It is useful to extract following discussions:- "The current voting period which was initially set to get over until 8:00 PM on 13th May 2025 was extended until 7:00 PM on 16th May 2025. To facilitate a further extension of the voting period, the PIRP must be extended by an additional 30 days, as the current PIRP period is scheduled to conclude on 19th May 2025. Therefore, the Committee of Creditors (CoC) is required to deliberate and decide on the proposed extension of the PIRP process. ....

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....ed that a minimum of 48 hours be allotted for voting on the resolution for timeline extension. In response, the RP clarified that the voting period on repayment plan is concluding on 16th May 2025 at 7:00 PM. The RP would be required to file an application under Section 112 of the Insolvency and Bankruptcy Code (IBC), 2016, or an application for the extension of the PIRP period, depending on the members' decision. Therefore, the RP requested that all members submit their respective votes via email by 6:00 PM on 16th May 2025. Members suggested that, instead of conducting a formal vote, their decisions be verbally recorded during the meeting, with subsequent confirmation through the minutes. The RP stated that minutes usually confirme....