BANK OF BARODA Vs. BINANI CEMENTS LTD

JUDGEMENT

(1.) Ld. Counsel on behalf of Resolution Professional (RP) as well as the Ld. Counsel for the financial creditor and the corporate debtor is present.

(2.) Ld. RP has filed C.A. (IB) No. 20/KB/2017 seeking extension of time period for the Corporate Insolvency Resolution Process by a period of 90 days w.e.f. 21/01/2018. Application has been filed on the basis of CoC meeting dated 18/12/2017 and voting took place on 19/12/2017, which shows that with a vote share of 99.84% CoC has passed the resolution for seeking extension of Corporate Insolvency Resolution Process for a further period of 90 days till 21/04/2018.

(3.) In view of the approval of the CoC with a vote share of 99.84% and being satisfied that CIRP cannot be completed within 180 days, we hereby allow the application and extend the time period for Corporate Insolvency Resolution Process for a further period of 90 days w.e.f. 21/01/2018.