2021 (5) TMI 680

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of IBBI (Liquidation Process) Regulations 2016, and Rule 11 of NCLT, Rules 2016 by inter-alia seeking to grant exclusion period from 25.03.2020 to 22.07.2020 i.e., period of 120 days from the liquidation process period etc. 2. Brief facts of the case, which are relevant to the issue in question, are as follows: (1) The Adjudicating Authority vide order dated 11.03.2019 in I.A No. 382 of 2018 initiated Liquidation proceedings against the Corporate Debtor and appointed the Applicant Shri Shivadutt Bannanje, as the Liquidator. Subsequently, the Applicant issued public announcement in Form B for commencement of liquidation of the Corporate Debtor and inviting claims from the Creditors of the Corporate Debtor in Financial Express (En....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e liquidation commencement date was 11.03.2019, the two year period of liquidation is scheduled to end on 11.03.2021. In the interim, however, owing to the outbreak of the COVID-19 pandemic and spurt in cases across the country from the week commencing 15.03.2020, the Government of India was constrained to announce a national lockdown across the country which was effective from 24.03.2020, and remained effective till 31.05.2020. During this period, the Liquidator was unable to undertake any activities towards conduct of the liquidation process. The restrictions in place made it extremely difficult for the Liquidator to carry out his tasks, which include meetings with potential purchasers of assets, conducting further auctions, etc. Despite ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ility of taking over the assets by the Financial Creditors since there are no buyers at the Bank's proposed price. However, the Applicant is still waiting to hear from them and therefore require some more time to close the Company and file for dissolution. Despite these challenges, the Applicant has been taking all necessary steps, and having met various prospective buyers to complete the liquidation process and file the dissolution application. Hence the application. 3. Heard Shri Varun S., learned Counsel for the Liquidator. We have carefully perused the pleadings of the Party and also extant provisions of the Code and Rules made there under and the decisions relied upon by the Applicant. 4. As stated supra, the material facts o....