HERO STEELS LIMITED Vs. ROLEX CYCLES PRIVATE LIMITED

JUDGEMENT

(1.) Cp (IB) No. 37/Chd/Pb/2017 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity, the 'Code') was admitted on 13.07.2017 declaring moratorium in accordance with Section 14(1) of the Code. Mr. Anil Kumar, registered Resolution Professional with the IBBI was appointed as Interim Resolution Professional vide Order dated 20.07.2017 with necessary directions.

(2.) During pendency of the case, CA No.148/2017 was filed by the Canara Bank, the financial creditor to replace the Interim Resolution Professional with the applicant Mr. Nipan Bansal as the Resolution Professional. Vide order dated 25.09.2017, name of Mr. Nipan Bansal was forwarded to the IBBI for confirmation. After receiving confirmation from IBBI, Mr. Nipan Bansal was appointed as the Resolution Professional.

(3.) Admittedly the period of 180 days for completion of the resolution process as provided under Section 12 (1) of the Insolvency and Bankruptcy Code, 2016 (for brevity, the 'Code) expired on 08.01.2018. While monitoring the progress reports submitted by the Resolution Professional, Registrar of this Tribunal put up a note that the period of 180 days has expired and the Resolution Professional informed that the application for liquidation proceedings would be filed. The matter was directed to be listed on the judicial side with notice to the Resolution Professional.