NCLT JUDGEMENT ON SECTION 12, 12(2), 12(3) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 AND REGULATION 40, 40(C)OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) REGULATION, 2016

 

 

 

 

NAME

MOBILE NO.

E-MAIL I’D

RANJEET KUMAR

8383098478, 9667769795

rk@courtkutchehry.com

JAI THAKUR

8130703334, 9355723300

jai.thakur@courtkutchehry.com

RAJEEV RANJAN

9334553249

rajiv.ranjan@courtkutchehry.com

ASHOK MISHRA

9718327746

sales@courtkutchehry.com

RAVI KUMAR


ravi.singh@courtkutchehry.com

Refex Industries Limited Vs. Vs Lignite Power Private Limited, (2020) 08 NCLT CK 0015

A Division Bench of the NCLT allowed the application filed by the applicant/Resolution Professional under Section 12(2) of IB Code, 2016 read with Regulation 40 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking extension of CIRP Process for a further period of 60 days with effect from 28.08.2020. While allowing the application NCLT held that the Application is accordingly allowed directing the Resolution Applicant to complete the CIRP within a period of 330 days from the Insolvency Commencement Date which includes extension already granted and exclusion of lockdown period w.e.f. 25.03.2020 to 07.06.2020. It was further directed that CIRP shall mandatorily be completed within a period of 330 days. There is no question of giving further extension but however by virtue of proviso to section 12(3) of I & B Code, the CIRP to be completed within 330 days. So, we direct the Resolution Professional to complete CIRP within a period of 330 days from the date of Insolvency Commencement Date.

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