AI Structured Summary
Not yet generated for this judgment
Judgment
IA NO. 416/2022
Heard on the application.
The present application has been filed under Section 60(5) of IBC, 2016 r/w Rule 11 of NCLT Rules, 2016 with a prayer to extend the period of CIRP beyond 330 days for further 30 days for concluding the CIR process which is stated to be at final stage when the two of the Resolution Plans are under acting consideration of COC. This extension has been approved by the CoC in its 10th meeting held on 12th November, 2022 with 100% voting shares.
Keeping in view the facts and circumstances that when the CIR process is at final stage and in the interest of justice, the further extension of 30 days is granted beyond the period of 330 days, which expired on 15th November, 2022. Thus, this period of 30 days would commence with effect from 16th November, 2022 till 15th of December, 2022.
RP is directed to utilise the extended period efficiently to complete the process within the extended time, failing which no further extension will be granted.
Accordingly, IA No.416/2022 is allowed and disposed of accordingly.