STATE BANK OF INDIA Vs. ELECTROSTEEL STEELS LTD

JUDGEMENT

(1.) Ld. Counsel for the Resolution Professional (RP) and the Ld. Counsel for the financial creditor are present.

(2.) Ca (IB) No. 555/KB/2017 has been filed by the RP for extending the time period of Corporate Insolvency Resolution Process (CIRP) for a period of 90 days w.e.f. 17/01/2018. RP has filed this application on the basis of the recommendation at the meeting of Committee of Creditors (CoC) dated 06/12/2017. Copy of the minutes of the meeting shows that with the vote share of 99.82% CoC has approved the resolution for extension of period for completion of CIRP by 90 days w.e.f. 17/01/2018.

(3.) In view of the recommendation of the CoC we hereby extend the moratorium period by 90 days for submissions of resolution process.