R P Nagrath, Member - (1.) This application is filed by the Resolution Professional praying for extension of time for completion of resolution process which is expiring on 23.12.2017. The main reasons stated in the application is non-performance of the duties by the Interim Resolution Professional during the period he was functioning after his appointment. Mr. Mohan Lal Jain who was proposed by the Corporate Debtor was appointed as the Interim Resolution Professional vide order dated 27.06.2017 when the order of admission was passed declaring moratorium.
(2.) The matter was placed in the meeting of Committee of Creditors held on 22.11.2017 and a resolution (Annexure A-4) was passed according approval for filing of application before the Adjudicating Authority for extension of period for 90 days more under sub-section (2) of Section 12 of the Insolvency and Bankruptcy Code, 2016.
(3.) In view of the above, the application is allowed and the period of completion of interim resolution process is extended by another 90 days in terms of sub-rule (2) of Rule 12 of the Insolvency and Bankruptcy Code, 2016. Copy of this order be conveyed to the Resolution Professional at his email by the Registry. Copy of this order be also collected by the learned counsel for the applicant for handing it over to the Resolution Professional. CA No. 219/2017 stands disposed of.;