2021 (8) TMI 326

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion Process) Regulations, 2016 seeking relief as follows; a. Exclude the period of 312 days (i.e. 25.03.2020 to 31.01.2021 being the period of lockdown imposed by the Central Government and State Government in the wake of Covid-19 outbreak from the period stipulated for completion of liquidation; b. Provide a further extension of 90 days from 01.02.2021 (i.e. 270 days when calculated from 05.08.2020) as per Regulation 44(2) of the IBBI (Liquidation Process) Regulations 2016, after excluding the Covid Lock down period. c. To pass such other order/directions, as this Hon'ble Bench may deem fit and proper in the facts and circumstances of the case and thus render justice. 2. In an application filed under Sect....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nging to the Company which are yet to be sold and more than 10 e-auctions were held in respect of a parcel of land and building belonging to the Corporate Debtor. Further, it was also submitted that most of the Plant and Machinery of the Corporate Debtor are sold and still there are some left to be sold and some buyers have evinced interest to purchase the same. It was also submitted by the Learned Counsel that the Liquidator has filed MA/621/2019 against a Company seeking for return of materials to the Corporate Debtor which was given for a job work and also to make the payment for non-completion of Job including the cost of materials and the same is pending adjudication before this Tribunal. 6. The Learned Counsel for the Applicant sub....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tions, 2016 (amended upto 15.12.2016) for continuation of the Liquidation period of the Corporate Debtor for a further period of one year. In this context it is relevant to refer to Regulation 44 of IBBI (Liquidation Process) Regulations, 2016 (amended upto 15.12.2016) 44. Completion of liquidation. (1) The liquidator shall liquidate the corporate debtor within a period of two years. (2) If the liquidator fails to liquidate the corporate debtor within two years, he shall make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. 8. Regulation 4....