Bikki Raveendra Babu, Member - (1.) The Committee of Creditors (CoC) of Asian Natural Resources India Limited, in its 2nd meeting held on 23rd November, 2017, authorized the Resolution Professional (RP) , Mr. Anshuman Chaturvedi, to seek extension of moratorium period of the Corporate Debtor beyond 180 days on the following grounds:- (a) That this Adjudicating Authority, vide its order dated 6th November, 2017 passed on the application of Vitol S.A., being IA No.230 of 2017 in CP(IB) No.l9/7/NCLT/ V AHM/2017, directed the Resolution Professional to examine the transactions pointed out in the application, particularly the preferential transactions (Section 43) and undervalued transactions (Section 47) ; That this Adjudicating Authority has directed the Resolution - Professional/Interim Resolution Professional to take all V reasonable steps to recover all the amounts due to the Corporate Debtor and, therefore, it is necessary to obtain the details of the receivables of the Company and do the needful in this regard; (b) That the valuation report for land has been obtained. i . - However, the valuation report of other assets has not been obtained till date. (c) That there is no proper record of claims admitted. (d) That the RP is yet to understand the issues involved with Vitol S.A., seek the necessary legal advice on the same and put up the matter before CoC. (e) Take possession of all the documents for the erstwhile IRP, Mr. Nitin Parikh. To ascertain preferential transactions (Sec.43) , undervalued transactions (Sec. 47) , etc., it is necessary to first identify these transactions. The RP appraised the CoC that he is yet to take handover from the IRP. Since there are no operations in the corporate debtor in last few years, RP will go through the financial statements and put necessary efforts to identify whether there are any transactions and then update the CoC on this matter to decide to appoint a competent agency. (f) Finalize the Information Memorandum. The Chairman informed the committee that he is yet to evaluate the valuation report and the completion of Information Memorandum (IM) . In order to implement the directions of this Adjudicating Authority and the requirements of the Insolvency and Bankruptcy Code 2016, it would be necessary to seek the extension of 90 days for the A Corporate Insolvency Resolution Process (CIRP) under Section 12.
(2.) Basing on the aforesaid resolution, the Resolution M X Professional has filed this application under Section 12(2) of the Insolvency and Bankruptcy Code, 2016.
(3.) "The facts, in brief, that are germane for the disposal of this application are as follows:-;