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TMI Blog2021 (6) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Authority may be pleased to pass an order by extending the Liquidation Timeline for a period of another 6 months from 04.09.2020; b. To exclude the Covid - 19 lockdown period from 25.03.2020 to 14.03.2021; and c. To pass such further orders or further orders which may deem to be fit and proper in the interest of justice. 2. In an application filed under Section 9 of IBC, 2016, by one M/s. GHCL Limited against the Corporate Debtor viz. M/s. Gold King Tex Private Limited, this Tribunal vide its order dated 25.01.2019 passed in CP/1211/IB/2018 has initiated the Corporate Insolvency Resolution Process against the Corporate Debtor and appointed one Mr. C. Ramasubramaniam, as the Interim Resolution Professional (IRP). 3. Thereafter, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Counsel for the Liquidator that he had issued the 1st E-Auction Sale of the Land and Building & Plant and Machinery of the Corporate Debtor on 02.02.2020 and the E-Auction was conducted on 04.03.2020 and that he has sold the Plant and Machinery, after a competitive bidding, for a sum of Rs. 3,20,30,500/-. Further, it was submitted that due to the nationwide lockdown imposed by the State/Central Government consequent upon the Covid - 19 pandemic, there was a delay in selling the Land and Building of the Corporate Debtor which resulted in the delay in completion of the Liquidation Process. 6. It was submitted that since there was no response on the issue of the 2nd and 3rd E-Auction Notice, the Liquidator had issued the 4th E-Auction Sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmission made by the Learned Counsel for the Applicant. It is to be noted here that the Regulation 44(2) mandates that the Liquidation in relation to the Corporate Debtor is required to be completed within a period of one year and in the present case, the Liquidation process in relation to the Corporate Debtor is required to be completed on or before 04.09.2020. 9. The Applicant in the Application has averred that eventhough he had completed the sale of the Land and Building of the Corporate Debtor, the Registration Process still remains to be completed and further it is also averred that an Application filed by the Promoter/suspended Director in IA/1076/2020 is still pending adjudication before this Tribunal and also IA/856/2020 which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 30.11.2020, this Authority feels that it is just and proper that the period from 24.03.2020 to 14.03.2021 is required to be excluded from the Liquidation period timelines and consequently the Liquidation period is required to be extended for a further period of 6 months and as such, after exclusion of the period from 24.03.2020 to 14.03.2021, the Liquidation period of the Corporate Debtor is extended for a period of 6 months from 04.09.2020 and the Liquidation process in relation to the Corporate Debtor is required to be completed on or before 24.02.2022. Further, the Liquidator shall make every endeavour to complete the liquidation process within the extended period and not to seek for any further extension. The Liquidator, in view of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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