The Resolution Professional (RP) of Adhunik Metaliks Ltd has sought exclusion of 20 days from the mandatory 270-day timeframe required to complete an insolvency process. The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on April 29.
While no resolution plan was approved by the Committee of Creditors (CoC) during this period, the resolution professional on Tuesday submitted a progress report and sought a 20-day extension of timeframe. A similar appeal was made by the workers union of Adhunik Metaliks. We will see if such an exclusion can be provided or not, the division bench of Justice Jinan KR and Justice Madan B Gosavi said.
According to the Insolvency and Bankruptcy …
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