9911796707
TMI Blog2021 (5) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy Board of India (Liquidation Process) regulations, 2016 inter alia seeking extension of time allowed to him to liquidate the Corporate Debtor due to time lost on account of Covid pandemic. The Applicant makes following prayers: a) Allow the present Application; b) Allow exclusion of time for the period 25.03.2020 to 31.12.2020 from the time allowed to complete the liquidation process. c) Such order and/or orders, direction/directions as this Hon'ble Tribunal may deem fit and proper for the interest of justice. 2. The applicant submits that at the outset ,application was filed by Neha Himatsingka and kanishka Himatsinghka before this Hon'ble Tribunal under section 7 of the Insolvency and Bankruptcy Code ,2016 read ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any other stakeholder till date of the Corporate Debtor under Section 38 of IBC, 2016.Further the applicant in compliance to Regulation 31(2) of IBBI (Liquidation Process) Regulations, 2016 has submitted the report with this Hon'ble Tribunal, that no claim has been received by the Liquidator within forty-five days from the last date for receipt of claims. 6. The applicant on 31/12/2020 received a claim in Form D from a Financial Stakeholders being Neha Himatsingka and Kanishka Himatsingka. It is submitted that the claim received from such financial stakeholder is much after the stipulated last date of submission of claim which expired on 19/10/2019. The Applicant further stated that as the provision is not clear under the liquidation proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses of calculating the timelines under the Code. I humbly submit that the said order is still in force and has been revised. A copy of the order dated 30.03.2020 is annexed herewith and marked as Annexure C. 10. Further Regulation 47A under IBBI (Liquidation Process) Regulation was inserted to exclude the COVID-19 lockdown period from the computation of the time-time for any task that could not be completed in relation to any liquidation process. 11. The Applicant submits that he, being the Liquidator is 63 years old and has been advised to take extra precautions due to his advanced age and health conditions. 12. It is submitted that the corporate debtor does not have any realizable asset except cash and bank balance and the Liquidator i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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