2021 (4) TMI 638

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP in the matter of Bluefern Ventures Private Limited, claiming dues amounting to Rs. 37,68,62,983.00/- owed to the Financial Creditor by the Company. 2. The petition was heard by the Hon'ble National Company Law Tribunal, Guwahati Bench and upon the said hearings, the Hon'ble bench passed an order initiating CIRP in the matter of Bluefern Ventures Private Limited vide order dated 21.12.2018. Subsequently, the Hon'ble Tribunal, vide order dated 31.12.2018, appointed the Applicant herein i.e. Hrisikesh Dasgupta as the Interim Resolution Professional. The said ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iquidation). A copy of the minutes of the 1st stakeholders Consultative Meeting is annexed and marked as Annexure "B". 5. That due to the Covid 19 pandemic a nationwide lockdown was announced from 25.03.2020 by the Central Government. Although the lockdown relaxations came into effect from 01.06.2020 in the form of Unlock 1.0, the governments of West Bengal and Sikkim extended the lockdown in various zones. As a result, the liquidation process could not be proceeded with further. 6. In the 2nd Stakeholders Consultative Committee Meeting, held on 22.09.2020, it was informed that the assets of the Company (in liquidation) cannot be sold readily and advantageously as the land on which the said hotel stands are not that of the Company (in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Hotel belongs to a third party. It is further submitted that more time will be required to appoint an amin for the demarcation of the assets of the Company and that of the other parties, as was suggested by the sole secured creditor in the 2nd Stakeholders Consultative Committee Meeting. 9. That additional time is also required to file as application Regulation 38(1) of the Liquidation Process Regulations. 10. That unless the liquidation period is extended by a year, the liquidation of the Company shall be severely prejudiced and the maximization of the value of the Company (in liquidation) may not be achieved. Therefore, the liquidation period may be extended by 1 year by the Hon'ble Tribunal in terms of Regulation 44 of the IBBI ....