2026 (4) TMI 73

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....f, for the circumstances under which he finds himself, when he is presently before us, seeking extension of time for the purposes of completion of the liquidation process, which stood initiated as back as on 08.02.2019. 2. The precise facts, of the case are that, M/s. Summer India Textiles Mills Private Limited (Corporate Debtor), was admitted to the CIRP process by an order that was passed on 13.06.2017, and consequentially was directed to be placed under liquidation by an order passed on 08.02.2019, resulting into appointment of the Appellant as the liquidator, to carry out the liquidation process of the Corporate Debtor. The liquidation process was to be carried out and completed within the time limit of 12 months from the liquidation....

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....der of 12.11.2025, declined to extend the time for completion of the liquidation process, stating that it had already made it clear by its order dated 31.10.2025 that no further extension will be given and instead directed the liquidator to file the dissolution application. The said order dated 31.10.2025 is subject matter of challenge in the connected Company Appeal (AT) (CH) (Ins) No. 25/2026. 5. The Appellant states that the case on hand was an extremely difficult one, that the assets of the Corporate Debtor were intertwingled with assets of another Corporate Debtor, which is also under liquidation and the assets of the promotors/guarantors that the said assets can only sold jointly through private sale, that the secured creditors alr....

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..... 7. The Appellant through his counsel before us undertakes that if the liquidation process, as it stood initiated in the year 2019, is not completed within the extended period, i.e., up to 19.05.2026, the impugned order dated 31.10.2025 which is under challenge in the connected Company Appeal (AT) (CH) (Ins) No. 25/2026, containing a direction for filing of an application for dissolution will be revived back and that he will ensure to comply with the same order. 8. Subject to the above, Company Appeal (AT) (CH) (Ins) No. 24/2026, would stand 'allowed'. The impugned order of 12.11.2025, by virtue of which the extension has been declined to be granted owing to the restrictions imposed by earlier extensions granted would stand quashed, ....