The Committee of Creditors has extended the period of IVRCL’s insolvency resolution process by 90 days after the expiry of 180 days initially permitted.

The extension of the resolution period comes after Sutanu Sinha, the Resolution Professional appointed by the National Company Law Tribunal, Hyderabad, approached the CoC to extend IVRCL’s resolution process beyond 180 days.

The creditors also allowed extension of time for submission of the Resolution Plan for IVRCL, the Insolvency Professional informed the BSE in a regulatory filing late last week.

In another development, the Resolution Professional sought the approval of the creditors to ratify and approve the participation in arbitration proceedings filed by Litostroj Power DDO Slovenia LP before ICC at Singapore against IVRCL and also the cost incurred by IVRCL.

Liquidator appointed

Amit Gupta has been appointed liquidator of Hindustan Dorr Oliver Ltd after the NCLT, Mumbai bench ordered commencement of liquidation process in the company. Hindustan Dorr Oliver is part of IVRCL and its net worth has eroded.