2020 (10) TMI 1345 - Tri - Insolvency and Bankruptcy

Seeking exclusion of the time wherein liquidator could not pursue other remedies available for liquidation of the company - HELD THAT - When the liquidator represented that the company for long not working therefore there is no scope to consider this company as going concern and to sell it as going concern, in view thereof, this Bench on 18.05.2020 recorded the same letting the liquidator to sell the assets in a way that is beneficial to the Stake Holders, for the time lost in not proceeding to sell the assets of the corporate debtor, at request of the liquidator, the period from 05.11.2019 to 18.05.2020 is hereby excluded from the liquidation period. Application stands disposed of.

Summary

The Tribunal allowed the liquidator to exclude the period from 05.11.2019 to 18.05.2020 from the liquidation period due to the company not working. The liquidator can now sell the assets for the benefit of stakeholders. Application disposed of, other applications listed for 21.10.2020.