IN RE Vs. DUNN FOODS PVT LTD

JUDGEMENT

(1.) This application is filed by the Resolution Professional for seeking extension of time for completion of the insolvency resolution process. CP (IB) No.16/Chd/Pb/2017 filed by the Corporate Debtor under section 7 of the Insolvency and Bankruptcy Code, 2016 was admitted by the Adjudicating Authority on 02.05.2017 appointing Mr. Krishan Vrind Jain as the Interim Resolution Professional who was later on confirmed as the Resolution Professional by the Committee of Creditors.

(2.) Thereafter, the Financial Creditor viz. Punjab National Bank filed CA No.141/2017 for replacement of the Resolution Professional in terms of section 27 of the Code. That application was allowed and the name of Mr. Nipan Bansal was forwarded to the Insolvency and Bankruptcy Board of India which confirmed his name and accordingly Mr. Nipan Bansal was appointed as the Resolution Professional vide order dated 26.09.2017.

(3.) The period of 180 days for completion of the resolution process is expiring on 29.10.2017. This application is filed under sub-section (2) of section 12 of the Code which is reproduced as under:-