Under the Insolvency and Bankruptcy Code, the CoC and resolution professional have to complete the corporate insolvency resolution process in 180 days. This can be extended for another 90 days by the NCLT, failing which the stressed firm goes for liquidation.
“The entire period staring from April 19, 2018 to the final disposal of the present appeals be specifically excluded in the computation of the Corporate Insolvency Resolution Process period,” the CoC of Essar Steel said in its plea.
In August last year, the Ahmedabad bench of the National Company Law Tribunal has admitted the insolvency plea filed by an SBI-led consortium and Feb. 12, 2018 was the date for resolution plan for the company.
However, Russia’s VTB Capital-backed N…
Read the full article at: https://www.bloombergquint.com/insolvency/2018/07/11/ibc-essar-steel-lenders-urge-nclat-to-speed-up-resolution-process
