ICICI BANK LIMITED Vs. INNOVENTIVE INDUSTRIES LIMITED

JUDGEMENT

(1.) Ia 34/2017 in CF 01/I&BF/NCLT/MB/MAH/2017

(2.) For approval of CoC is requisite to seek extension of time, the Insolvency Resolution Professional placed the minutes of 6th Committee meeting of the Creditors held on 6.6.2017 to show that CoC passed a resolution by a vote of 92.4% voting share of the financial creditors seeking extension of 90 days and also to show that CoC is of the view that the company could be revived provided resolution plan is set out, in view of the same, this Bench having seen the CoC has approved to place proposal for extension before NCLT, the time for insolvency resolution process of the Debtor company is hereby extended for an additional period of 90 days with effect from 16.7.2017 as prayed for.

(3.) Accordingly, this Application is disposed of by granting extension of 90 days from 16.7.2017.