The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against McDowell Holdings Ltd and appointed an interim resolution professional. The Bengaluru Bench of NCLT admitted the plea filed by Sun Star Hotels and Estate Pvt Ltd, a financial creditor of the erstwhile Vijay Mallya-promoted company, claiming default of Rs 16.80 crore. he insolvency tribunal has also appointed KR Raju as the interim resolution professional of the company in its order passed on April 8, 2022.
Can anyone do share the more details about the case.?
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Section 10A was inserted in the Insolvency and Bankruptcy Code, 2016 (“Code”) for suspending the initiation of the corporate insolvency resolution process (“CIRP”) for any default arising on or after 25.03.2020 for a period of six months or such further period, not exceeding one year from such date. This amendment was introduced to provide relief to companies affected by COVID-19 pandemic by temporarily suspending the insolvency proceedings for a period six months i.e. w.e.f. 25.03.2020 till 25.09.2020.
Now, Ministry of Corporate Affairs vide notification dated 24.09.2020 has extended the temporary suspension of CIRP for a further period of three months i.e. w.e.f. 25.09.2020 to 25.12.2020.
As per the provisions of Section 10A, further extension of three months can still be granted further to the recent extension of three months.
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