2022 (3) TMI 988

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....ember (J) And Prasanta Kumar Mohanty, Member (T) ORDER Bachu Venkat Balaram Das, Member (J) 1. The present application has been filed under Section 54 of the Insolvency & Bankruptcy Code, 2016, (the Code) read with Regulation 2B of the Insolvency and Bankruptcy Board of India (Liquidation Process), Regulation, 201.6 (the Regulations) by the applicant seeking following prayers: a)....

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.... relief which may be found suitable to facilitate the Liquidator to discharge his function and such further orders be passed or directions be given as the Hon'ble Tribunal may deem fit and proper in the interest of the justice, or f) Issue such Order as may be deemed fit, proper and necessary in the facts and circumstances of the case. 2. The prayers of the applicant regarding appr....

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....even days from the date of such order, be forwarded to the authority with which the corporate debtor is registered." Regulation 2 B is also reproduced below: "2B. Compromise or arrangement. (1) Where a compromise or arrangement is proposed under section 230 of the Companies Act, 2013 (18 of 2013), it shall within ninety days of the order of liquidation under sub-sections....

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....tion (6) of section 230.]" 3. On a bare perusal of the aforementioned provisions it is clear that both the prayers (b) and (c) cannot be granted by way of filing one application and therefore the present application cannot be entertained under Section 54 of the Code. However, the applicant is at liberty to file separate applications for approval of the scheme of Compromise or arrangement for me....