2021 (9) TMI 434

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....#39;) Under Section 35(1)(N) of the I&B Code, 2016 R/w Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016, by inter alia seeking to extend the period of liquidation of the Corporate Debtor by a period of one year beyond 11.04.2021 etc. 2. Brief facts of the Application, which are relevant to the question, are as follows: (1) Initially, C.P. (IB) No. 48/BB/2018 filed by M/s. Vishwas Concrete Private Limited., U/s 9 of the IBC, 2016, R/w Rule 6 of the I&B (AAA) Rules, 2016 was admitted by this Adjudicating Authority vide order dated 16.07.2019 by initiating CIRP in respect of M/s. Pranee Infrastructure Private Limited, appointed Shri Vinod Sunder Raman as the IRP. Further I.A No. 598 of 2019 was filed seeking Liq....

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....s Hon'ble Tribunal was pleased to exclude the Lockdown period of 143 days from the Liquidation period vide order dated 01.12.2020. (4) Pertinently, the Liquidator has been performing his duty as per the provisions of I&B Code, 2016 duly on time before the lockdown was imposed and also simultaneously kept the business of Corporate Debtor to ensure its beneficial Liquidation. It is stated that there are two residential villas in the name of Corporate Debtor. The Financial Creditors i.e. City Union Bank and UCO Bank have their respective charge over the said villas. Further, as per the claim Forms submitted by these Financial Creditors, both the Financial Creditors had chosen not to relinquish their security interest in Liquidatio....

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.... (Liquidation Process) Regulations, 2016, the report is prepared by the Liquidator explaining the reasons for seeking extension of the Liquidation period along with the other details regarding the development in the Liquidation process. (7) Subsequently, the Liquidator has filed an affidavit dated 22.04.2021 seeking four month's extension from the expiration of Liquidation period i.e. 11.04.2021 of the Liquidation process. 3. It is submitted that the Hon'ble Supreme Court of India, in Suo Motu Writ Petition (Civil) No(s).3/2020 in Re: cognizance for extension of Limitation vide order dated 23.03.2020, has inter alia observed as under: "This Court has taken Suo Motu cognizance of the situation arising out of the ....

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....er: "Exclusion of period of lockdown" 47A. Subject to the -provisions of the Code, the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted for the purposes of computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process." 4. Heard Shri Vinod Sunder Raman, learned Liquidator through Video Conference. We have carefully perused the pleadings of the parties and the extant provisions of the Rules. 5. As stated supra, the material facts of the issue are not in dispute, and the law on the issue is also settled by the judgments cited above. This Adjudicating Authority has also been taking a view that t....