TaxTMI 
TaxTMI 
2021 (5) TMI 859
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....e IBBI (Liquidation Process) Regulations, 2016 r/w Rule 11 of NCLT Rules, 2016. Seeking Extension of the Liquidation Process of the Corporate Debtor Vidhya Pharmachem Private Limited, (hereinafter called as the "Corporate Debtor") and for passing any other order/suitable direction in the matter. 2. The Applicant / Liquidator has prayed for grant of reliefs as being sought for in this Application are stated as under :- (a) To pass an order, excluding the period lost due to Lockdown declared w.e.f. 25.03.2020 till lockdown is not lifted in terms of the new IBC amendment vide Regulation 47A which clearly stipulates that the period lost due to the lockdown in various states caused on account of COVID-19 will be excluded and shall not be trea....
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....or. The said form was published in the following newspapers namely, The Free Press Journal and Navshakti. (c) Subsequent to which, the Liquidator received claims from two Financial Creditors i.e. Bank of Baroda, Financial Creditor has exclusive charge on all the tangible assets of the Corporate Debtor i.e. Land and Building and Plant and Machinery, decided to enforce its security. (d) The Liquidator informed that in the hearing held on 29.08.2019, the Liquidator had sought directions from this Tribunal for selling of assets of the Corporate Debtor. This Tribunal vide its order dated 29.08.2019 further directed the Liquidator that first option to be opted is for ebidding, then only private sale is possible. (e) The Liquidator submits t....
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....has pleased to pass an order, granting additional period of one year for carrying out the smooth implementation of the liquidation processes as laid down under the Code for the assets of the Corporate Debtor which are remained to be liquidated and distributed as per Section 53 of the Code. (k) In addition to the above, the Liquidator further sought exclusion of some period for counting the Liquidation Process as per Regulation 47A of the Insolvency and Bankruptcy Code (Liquidation Process) Regulations, 2016, due to the pandemic situation of COVID-19 induced lockdown is to be excluded for the purposes of computation of the timeline for any task that could not be completed for such lockdown. The Liquidator was unable to carry out his requis....
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....quidation. 8. Having heard the submissions of the Learned Counsel for the Applicant, we are of the view that the prescribed period for completing the Liquidation Process needs to be extended. The present IA deserves to be allowed partly. Consequently, the liquidation period is extended by six months from the date of the Order. Further the period consumed during the lockdown period has to be excluded/exempted from counting the period prescribed for Liquidation period by following the suo moto decision of Hon'ble Supreme Court in "Miscellaneous Application No. 665/2021 in SMW(C) No. 3/2020" by extending/exempting the period from 15th March 2020 till 14th March 21 and again now until further order. For the sake of convenience the relevant por....