AI Structured Summary
Not yet generated for this judgment
Judgment
IA NO.673/2023
Ld. Counsel representing the Applicant is present through VC.
This application has been filed for seeking extension of 90 days period in completion of the CIRP. It is submitted by the Ld. Counsel representing the RP that the CIRP was triggered vide order dated 14.07.2023 and the erstwhile IRP was replaced by the RP, Mr. Mukesh Chand Jain vide order dated 15.09.2023. Later on the Form G was published on 30.09.2023, as a result of which, two proposals have also been received. The Resolution with respect to seeking extension of 90 days in the CIRP was approved by the member of COC in its 4th meeting held on 23.12.2023 by 100% voting.
In view of the averments made in the application as well as the submissions made by the Ld. Counsel representing the RP, the present application is allowed and an extension of 90 days period is granted in completion of the CIRP.
It is expected that the RP would take all possible and expedited steps to ensure the completion of the CIRP in accordance with the provision of the Code expeditiously.
Accordingly, IA No.673/2023 stands disposed off.
Let the main matter be adjourned to 7th February, 2024.