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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 ..... o 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. The Liquidator, in view of the extension granted, is directed to abide by the model timelines for the completion of the tasks remaining incomplete, as prescribed by IBBI in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and thereby complete the process in all earnest an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9, the Applicant herein had filed an Application before this Tribunal under Section 33(2) of IBC, 2016 seeking for Liquidation of the Corporate Debtor and this Tribunal in MA/854/2019 vide its order dated 03.09.2019 passed an order of Liquidation of the Corporate Debtor and appointed the Applicant herein as the Liquidator of the Corporate Debtor. 4. The Learned Counsel for the Applicant submitted that, the Liquidator effected public announcement on 06.09.2019 in accordance with Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 calling for the claims from the creditors of the Corporate Debtor and fixed the last date for the receipt of the claim as 03.10.2019. Thereafter, in compliance with Regulation 13 and 34 of the IBBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 Sale Notice for the sale of Land and Building on 06.12.2020 and the E-Auction Sale was conducted on 24.12.2020 and the Land and Building was sold to the successful bidder for a price of ₹ 4,07,20,000/-. However, it was submitted that the suspended directors/promoters of the Corporate Debtor filed IA/1076/2020 before this Tribunal seeking for a proposal to file a Scheme after the expiry of 430 days, especially when the assets of the Corporate Debtor were already sold. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 filed by the Liquidator is also pending before this Tribunal. Further, it is also stated that due to the prevailing Covid - 19 pandemic and the attendant lock down imposed by the Central/State Government, the Liquidator is unable to complete the Liquidation process and hence there arises a necessity to continue with the Liquidation process of the Corporate Debtor. 10. It is also significant to note here that owing to Covid-19 pandemic and consequent lockdown im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation 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 the extension granted as above, is directed to abide by the model timelines for the completion of the tasks remaining incomplete, as prescribed by IBBI in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and thereby complete the process in all earnest and in accordance with the said Regulations including filing of reports as required, with this Tribunal. 12. Accordingly, IA/356/CHE/2021 stands allowed. - - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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