Authority: National Company Law Tribunal Kochi Bench (Shri Vinay Goel, Member (Judicial) and Shri Ravichandran Ramasamy, Member (Technical))
Order Date: 09 June 2026
Case Overview
This order addresses an application (IA(IBC)/208/KOB/2026) filed by the Resolution Professional, George Varkey, in the matter of KGR Gems and Bullion Pvt Ltd under Section 12(2) of the Insolvency and Bankruptcy Code (IBC). The application sought an extension of the Corporate Insolvency Resolution Process (CIRP) period, which was due to expire on 06.05.2026. The Resolution Professional, represented by advocates Akhil Suresh, Kalliyani Krishna B, Amrith MJ, Anita Elizebeth Babu, and Rahul T, submitted that a Resolution Plan had been received from a prospective Resolution Applicant and was under active consideration by the Committee of Creditors. Additional time was required for plan evaluation, negotiation of commercial terms, voting by the Committee of Creditors, and subsequent filing of the approved plan with the Tribunal. The Committee of Creditors had passed a resolution approving the extension request with 100% voting share.
Final Outcome
The Adjudicating Authority allowed the application and granted an extension of the CIRP period by 90 days, from 06.05.2026 to 04.08.2026. The Resolution Professional was directed to take all necessary steps for expeditious completion of the resolution process within this extended timeframe. The application was disposed of accordingly.
Topics: Insolvency, NCLT Proceedings