SANTOSH DHIRAJ PATHAK Vs. ANIL GOEL

JUDGEMENT

(1.) This Application is filed by the Promoter/Director of Gujarat Oleo Chem Limited (Corporate Debtor) seeking extension of time for completion of the Insolvency Resolution Process under Section 60 sub-section (5) Clause (c) read with Section 12 of the Insolvency and Bankruptcy Code, 2016 ["IB Code" for short] and Rule 11 of the National Company Law Tribunal Rules. The facts in brief, that are germane for the disposal of this Application, are as follows:

(2.) Heard the arguments of the learned Counsel for the Applicant. Following are the points that emerge for determination:

(3.) Sub-Section (2) of Section 12 of the Code clearly lays down that it is only the Resolution Professional who can file an Application to the Adjudicating Authority to extend the duration of Corporate Insolvency Resolution Process beyond 180 days on the basis of Resolution passed at a meeting of the Committee of Creditors by a vote of 75 per cent of the voting shares.