2021 (6) TMI 121

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.... For the Respondents : Rishav Banerjee, Advocate and Arun Kumar Gupta, CA ORDER 1. The Ld. Counsel/Ld. Authorised representative, on behalf of the Liquidator of Visa Power Ltd., are present. 2. The Application, IA/48(KB)/2021, is filed by the Liquidator for extension of the period of Liquidation of the Corporate Debtor for two more years beyond 10-10-2020, in accordance with the regulatio....

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....n 27th May, 2019, the sale certificate was issued. 4. It is stated that Bharat Heavy Electronics Limited had initiated a suit claiming charge/Lien on the goods of the Corporate Debtor and the stay was granted by this Tribunal on distribution of sale proceeds and further direction was given to the Applicant not to deal with any assets of the Corporate Debtor until the matter get disposed of. The....

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.... Appellate Tribunal on 10-08-2020 had passed a judgment and the sale/auction process conducted by the Applicant was cancelled and Agarwal Structures Mills Pvt. Ltd., successful bidder, was directed to return the goods to the Applicant. 7. The whole process is reversed by the Appellate Court and the Applicant have to take custody of all the Assets lying in the possession of the successful bidder....

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....ioned and which are available at the site and there shall be no further removal of the above machinery, plant and equipment. 11. It is stated in the Application that the Applicant is duty bound to perform its duties again, as per the Insolvency and Bankruptcy Code, 2016, for which the Order of extension of the Liquidation process for two more years is required. 12. The prayer for extension o....