- (1.) This application is filed by the Resolution Professional seeking extension of period of Corporate Insolvency Resolution Process beyond 180 days for further a period of 90 days under Section 12 (2) of the IB Code.
(2.) Facts in brief that are germane for the disposal of this application are as follows:-
(3.) This Adjudicating Authority, on the basis of petitions filed by Standard Chartered Bank and State Bank of India under Section 7 of the Code commenced Corporate Insolvency Resolution Process in respect of Essar Steel India Ltd. on 02.08.2017 appointing Mr. Satish Kumar Gupta as Interim Resolution Professional for Essar Steel India Ltd. and imposed moratorium under Section 14 of the IB Code.;