IN RE Vs. BURN STANDARD COMPANY LTD

JUDGEMENT

(1.) Ld. Resolution Professional (RP as well as Ld. Advocates on behalf of the financial creditors, operational creditors, corporate debtor and workers' union and officers' association are present.

(2.) C.A. (I.B.) No. 511/KB/2017 has been moved by the RP u/s. 12(2) of the Insolvency and Bankruptcy Code, 2016 (I & B Code) for extension of 90 days' time for finalisation of Resolution Plan. RP has annexed to his application the last minutes of the meeting of the Committee of Creditors (CoC) , which was held on 03/11/2017 (page 15) . It appears that CoC with 100% vote share has "Resolved that the Resolution Professional be and is hereby advised to seek the extension of time for 90 days for the completion of Corporate Insolvency Process (CIRP) in respect to the Corporate Debtor M/s. Burn Standard Company Limited in terms of IBC 2016".

(3.) In view of the resolution passed by the CoC with 100% vote share, we hereby allow the application of RP u/s. 12(2) of the I & B Code and extend the 90 days' time period from 27/11/2017 to 24/02/2018 for submission of Resolution Plan.