R P Nagrath, Member - (1.) Mr. Arora Vishwas Kumar, Advocate, Mr. G.S. Sarin, Practising Company Secretary and Mr. Rajiv Khurana, Resolution Professional for the Applicant/Corporate Debtor. Mr. V.K. Mahajan, Advocate for Mr. D.K.Gupta, Advocate for Punjab National Bank. Mr. B.B. Khanduja, Chief Manager, Punjab National Bank.
(2.) This application under section 12(2) of the Insolvency and Bankruptcy Code, 2016 has been filed by the Resolution Professional for seeking extension of time for completion of the corporate insolvency resolution process.
(3.) Notice of this application to the Punjab National Bank and Mr. V.K. Mahajan, Advocate representing the Punjab National Bank accepts the notice. Punjab National Bank is holding 61% of the voting share. Mr. G.S. Sarin, PCS who is representing the Corporate Debtor is also present. This application has been filed on the basis of the decision of the Committee of Creditors in the meeting held on 25.09.2017 wherein it was suggested that the resolution plan was only submitted by the Corporate Debtor on 24.08.2017 in which certain queries have been raised by the Punjab National Bank and Canara Bank gave opportunity to submit revised plan whereas the ICICI Bank holding 4% voting share had rejected the plan.;