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Judgment
IA No. 3082/2020:
Application is filed by Resolution Professional seeking the extension of 30 days of CIRP beyond 180 days. Learned counsel Ms. Honey Satpal states that CIRP was passed on 07th November 2019 and 180 days period has expired on 05th May 2020, but during this period due to Covid-19 Pandemic, the lockdown was declared from 23rd March 2020 upto 31st May 2020 and during this period of 70 days no constructive CIRP could proceed. The learned counsel further states that there is one resolution plan before CoC for consideration and proposed resolution applicant has been given one more chance to improve the plan if any. The CIRP after exclusion of 70 days of lockdown had expired on 14th July 2020. She further states that in order to finally decide on the resolution plan CoC requires few more days and hence, prayed for extension of 30 days of CIRP from 14th July 2020. Learned counsel further states that in 7th CoC meeting held on 10th July 2020, the resolution was passed to apply of extension of CIRP by 30 days. A copy of the minutes are annexed with the application. In view of the above, we allow the application and thereby extend the CIRP period for further 30 days from 14th July 2020. Application is allowed and disposed of in terms of above order.