In the matter of Churakulam Tea Estate Private Limited
- CitationIA/142/KOB/2020 in IBA/21/KOB/2019
Ratio decidendi
The rule this decision rests on
The Tribunal may extend the period of the corporate insolvency resolution process beyond the 180 days where the Committee of Creditors has, by resolution, approved an application for extension, the application is made by the Resolution Professional under Section 12(2) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 40(2) of the CIRP Regulations, and the extension sought is limited in duration and directed to the completion of the process within a fixed date.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN IBA/21/KOB/2019 (Under 40(2) of CIRP Regulation and as per Section 12(2) of IBC 2016)
Order delivered on:.25.09 2020
Coram: Hon’ble Mr. Ashok Kumar Borah, Member (Judicial)
In the matter of Applicant/Financial Creditor
The South Indian Bank Ltd., Regd Office – SIB House, TB Road, Thrissur, Kerala 688 001 (Through Shri Jasis Jose, Resolution Professional) Vs. M/s. Churakulam Tea Estate Private Limited Vandiperiyar Idukki Kerala 685 533.
Appearance: For applicant/RP … Shri Jasin Jose, CA For Respondent … Nil
IN IBA/21/KOB/2019
O R D E R
1. This Application is filed by the Resolution Professional under Section 40(2) of CIRP Regulation and as per Section 12(2) of IBC 2016 for extension of time period of Corporate Insolvency Resolution Process.
2. The Application for CIR Profess filed by South Indian Bank Ltd (Financial Creditor) under Section 7 of the IBC read with Rule 4 of IBC (application to Adjudicating Authority) Rules 2016 against the Corporate Debtor M/s. Churakulam Tea Estate Private Limited was admitted by this Tribunal vide order dated 28.11.2019 in IBA/21/KOB/2019 wherein the applicant herein Shri Jasin Jose was appointed as Interim Resolution Professional who was directed to take necessary action in accordance with the relevant provisions of the Insolvency and Bankruptcy Board of India. The Resolution Professional submitted that the audit report of the Corporate Debtor was made available only up to 31.3.2016. During the CIRP period Audit for the period 2017, 2018 and 2019 was completed, which caused the delay in completing the CIR Process. The CIRP period of 180 days has already been completed on 13.9.2020 and the Resolution plan submitted by the Resolution Applicant is under the consideration of the COC..
IN IBA/21/KOB/2019 3. The RP submitted that the 6th meeting of the COC held on 15.09.2020 unanimously resolved to file application before this Tribunal for a an extension of 30 days from 13.9.2020.
4. I have heard the learned Resolution Professional, who appeared through video conferencing and have also gone through the pleadings on record as also the minutes of the 6th COC meeting held on 15.9.2020 in which a resolution was passed to file application under Section 40(2) of CIRP Regulation and as per Section 12(2) of IBC 2016 for a time period extension of 30 days with effect from 13.9.2020 so as to consider and evaluate the revised Resolution plan. In view of the above, the prayer for extension of Corporate Insolvency Resolution Process period for extension of 30 days with effect from 13.09.2020 is allowed. The Resolution Professional is directed to complete the Corporate Insolvency Resolution Process on or before 12.10.2020. IA/142/KOB/2020 is disposed accordingly.
Dated the 25th day of Sept, 2020 Sd/- Ashok Kumar Borah Member (Judicial)
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free