AI Structured Summary
Not yet generated for this judgment
Judgment
01.07.2025: I.A. No. 3451 of 2025: Heard learned counsel for the Applicant, learned counsel for the CoC as well as learned counsel appearing for the Resolution Professional. By this application the Applicant/Appellant has made following prayers:
“PRAYER
In the foregoing, the applicant most humbly prays that this Hon'ble Court may graciously be pleased to pass the following directions:
a. Grant a time period of additional 60 days, beyond 60 days, as granted vide order dated 24.04.2025, so to allow the parties herein to finalize the Cont’d…/ settlement and file application under section 12A of IBC;
b. Direct the resolution professional, respondent no.5 herein, to defer the publication of Form-G/ invitation of expression of interest till the time the settlement proposal is under consideration of the CoC and/or the application under section 12A of IBC is decided by the Adjudicating Authority;
c. Pass any such further orders as this court may deem fit and proper in the facts and circumstances of the present case.”
We have already disposed of the appeal on 24.04.2025 and by paragraph 17(5) following direction was issued:
“5)The entire process of submission of settlement proposal by the Appellant and consideration by the CoC shall be completed within 60 days from the date of this order. After expiry of 60 days, the IRP/RP may proceed with the CIRP of the CD in accordance with law.”
This application has been filed by the Appellant stating that the parties have negotiated and amount has been crystalized. The 60 days period has already over on 23.06.2025 and further extension of 60 days be granted for completing the process.
Learned counsel for the CoC and the Resolution Professional submitted that they have no objection in extension of time.
Considering the aforesaid, we allow prayer (a) of the application to the extent that 30 days’ time is extended from today. Application is disposed of accordingly.