- (1.) C.A. No. 410fPBl/2017 This is an application seeking extension of time beyond the period of 180 days as fixed by Section 12 (2) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional has given the details of events along with the dates. It is appropriate to mention that the Adjudicating Authority-NCLT has triggered the process on 18.05.2017 and appointed Interim Resolution Professional. The public announcement was made after receipt of order on 27.05.2017, The valuers were appointed on 01.06.2017 and the details of further proceedings have also been listed as under:-
(2.) It is thus seen that a draft resolution plan was received by the Resolution Professional on 30.10.2017 and the meeting of the Committee of Creditors was conveyed on 31.10.2017 which was adjourned to 03.11.2017. It was on 03.11.2017 that the Committee of Creditors thought it appropriate to seek extension of period of Corporate Insolvency Resolution Process by the maximum period of ninety days. There is an amendment suggested on 07.11.2017 to the draft resolution plan which also need to be taken into account.
(3.) Be that as it may. The proceedings for resolving the issue of stressed assets is under active consideration of the Committee of Creditors and the formal Directors have come up with the resolution plan and have applied for permission to sell the property which is collateral security. The matter would require some more time to finalize the resolution plan. There are good reasons given in the application in support of the prayer. However, full period of ninety days need not be granted and we believe that the whole process can be completed by the end of the year. Accordingly, the Committee of Creditors and the Resolution Professional is granted extension of time till 31.12.2017 keeping in view the aforesaid facts and circumstances of this case.;