2022 (3) TMI 276

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....der for extension of liquidation process of the Corporate Debtor. 2. The Applicant states that the corporate debtor company has been put into liquidation process on 12.09.2018 by the NCLT Delhi. The liquidation process of Corporate Debtor is expected to complete within one year, due to instances of finding a better buyer for the assets of the corporates debtor and the lockdown imposed by the central government, liquidator could not arrange to get the investors on board for the purpose of the auction for the unsold assets of the corporate debtor. 3. Therefore, the liquidator by way of this application filed under Regulation 38 read with Regulation 44 and 47 of Insolvency & Bankruptcy Code, 2016 of IBBI (Liquidation Process) Regulations....

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....ond Plan of Magic Bricks portal, to give wide publicity to the unsold assets. 6. The applicant has received many enquiries for the property but after visiting the site no one has shown any serious interest in the unsold property. The brokers and prospective buyers informed that they are not interested in buying the property located in this Mall, due to very high monthly maintenance charges and lack of business and the another reason for the assets remaining unsold is there is no proper title document in favor of the corporate debtor for the ownership of this shop. Only an unregistered Agreement to sell has been executed in favour of the CD. 7. The applicant further stated that after analysing the entire situation and due to the peculi....