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TMI Blog2021 (4) TMI 638X X X X Extracts X X X X X X X X Extracts X X X X ..... ee Meeting - That additional time is also required to file as application Regulation 38(1) of the Liquidation Process Regulations. Liquidation is required to be completed within 1 year. Liquidation order was passed on 06/09/2019. It should have been completed on 05/09/2020 - Considering the submissions made today, Liquidation period is extended by another 6 months only. This 6 months extension is excluding 160 days exclusion from 25/03/2020 till 31/08/2020 allowed earlier for lockdown/ shutdown/ Covid Pandemic. Application allowed. - IA No 56/GB/2020 In C.P (IB) No. 05/GB/2018 - - - Dated:- 7-4-2021 - Hon ble Shri H. V. Subba Rao, Member (J) And Hon ble Shri Prasanta Kumar Mohanty, Member (T) MR. PRANAY AGARWAL ADVOCATE PETIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commended liquidation of the Company. Therefore, the Hon ble Tribunal passed an order of liquidation in the matter of Bluefern Ventures Private Limited vide order dated 06.09.2019 and appointed the Applicant herein as the Liquidator. A copy of the order of liquidation pronounced on 06.09.2019 by the Hon ble Bench is annexed and marked as Annexure A . 4. The 1st Stakeholders Consultative Committee Meeting was held on 20.12.2019 wherein it was informed that the assets of the Company includes only the Hotel building and the contents thereof and the land on which the said hotel building is situated is not that of the Company (in liquidation). The said land is in the personal name of the promoters of the Company. It was further informed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g to the Promoters of the Company, which was given as a collateral security against the loan to the Company, is with the Secured Creditor itself and the sale of the hotel building and the contents thereof would be more effective after the possession of the said land. The Committee discussed the matter and advised the Applicant herein that prior to the application for distribution under Regulation 38 of the Liquidation Process Regulations, an amin may be appointed at the earliest to obtain proper demarcation of the assets of the company and that of the third parties. Copies of the minutes of the 2nd Stakeholders Consultative Committee Meeting is annexed and marked as Annexure D . 7. The report of the Liquidator stating the reasons for ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcumstances of the case. ORDERS 12. Heard the Counsel for the Liquidator and the Liquidator in Person. 13. Liquidation is required to be completed within 1 year. Liquidation order was passed on 06/09/2019. It should have been completed on 05/09/2020. 14. Considering the submissions made today, Liquidation period is extended by another 6 months only. This 6 months extension is excluding 160 days exclusion from 25/03/2020 till 31/08/2020 allowed earlier for lockdown/ shutdown/ Covid Pandemic. 15. Liquidator is directed to complete the Liquidation Process within this extended period. The Liquidation cost must not be increased. 16. The Financial Creditor (FC) is directed to provide necessary fund so that the Liquidator com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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