Liquidation time extension granted after prior limits, with non-compliance to revive the direction to seek dissolution.

Liquidation proceedings pending since 2019 were considered against the backdrop of several prior extensions and an earlier express stipulation that no further extension would be granted. The tribunal accepted the stated practical difficulties and the appellant's undertaking to complete liquidation by 19.05.2026, treating the matter as warranting one final opportunity to finish the pending sale and liquidation steps. Non-compliance was noted as reviving the earlier direction to seek dissolution.

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Issues: (i) Whether further time should be granted to complete the liquidation process and the order declining extension should be interfered with.

Analysis: The liquidation had been pending since 2019 and several prior extensions had already been granted, the last one carrying an express stipulation that no further extension would be allowed. The Court nevertheless noted the stated difficulties in completing the process and accepted the appellant's undertaking that the liquidation would be concluded by 19.05.2026. To enable the pending sale and liquidation steps to reach their logical end, the Court treated the present request as deserving one final opportunity, while making it clear that non-compliance would revive the earlier direction to move for dissolution.

Conclusion: Further extension of time was granted till 19.05.2026, the refusal order was set aside to that extent, and the connected delay in filing was condoned.

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