ANANT OVERSEAS PVT LTD Vs. GLOBAL HOUSEWARE LIMITED

JUDGEMENT

(1.) This is an application which has been filed under the provision of Section 12 (2) of IBC, 2016 read with regulation 40 (2) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016 for seeking extension of time in relation to the Corporate Insolvency Resolution Process by further period of three months.

(2.) The Resolution Professional represents that in view of the decision taken in the meeting in the Committee of Creditors on 26.10.2017 extension of time is sought for, and there are compelling reasons for seeking extensions inter-alia as stated in Para 8 of the application arising out of loss of time during the transition period from the earlier IRP to the present RP in complying with the Regulatory requirements from 07.06.2017 to 24.07.2017. non-finalization of audited accounts of the Corporate debtors by the auditors and that the Committee of Creditors has received only one resolution plan as on 29.09.2017 and that the Committee of Creditors wants to explore further resolution plans.

(3.) It is also stated in the application that the enquiry has been received from M/s. Ananat Overseas Pvt. Ltd., namely, the Corporate Applicant itself vide mail dated 25.10.2017 wherein it has been stated that a revival plan for the Corporate Debtor is in the process of being filed by it. Taking into consideration all the above circumstances, it is prayed that the CIRP process may be extended by further period of 90 days.