The bankruptcy court has allowed a 180-day extension for corporate insolvency resolution process (CIRP) of VOVL, an oil and gas exploration company owned by Venugopal Dhoot, giving its lenders time until May 22, 2023, to finalise a resolution plan for the company.
The Mumbai bench of the National Company Law Tribunal (NCLT) has also allowed the resolution professional’s plea to exclude the period during which the application for extension was pending before the tribunal.
“Considering the magnitude of public money at stake and the crucial nature of the business the corporate debtor is involved in, we find it just to extend the time period of the CIRP for the benefit of all the stakeholders involved,” the bench of Justice PN Deshmukh and Sh…
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