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TMI Blog2021 (6) TMI 527X X X X Extracts X X X X X X X X Extracts X X X X ..... oC resolved to put the Corporate Debtor in to Liquidation. The application is partly allowed and the period to complete the liquidation process is hereby extended by six months from today. - I.A. No. 299/MB/C-II/2021 in C.P. (IB) No. 1688/MB/C-II/2018 - - - Dated:- 13-5-2021 - Harihar Prakash Chaturvedi, Member (J) And Ravikumar Duraisamy, Member (T) For the Appellant : Avinash R. Khanolkar, Advocate ORDER Harihar Prakash Chaturvedi, Member (J) 1. The present application is moved by Mr. Subrata Maity (hereinafter called as the Applicant ) Under Regulation 44 of The IBBI (Liquidation Process) Regulations, 2016 r.w. Rule 11 of NCLT Rules, 2016. Seeking Extension of The Liquidation Process of the Corporate Debtor so as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s prescribed by the provisions of the Insolvency and Bankruptcy Code, 2016 r.w. provisions of the IBBI (Liquidation Process) Regulations, 2016. 4. The Corporate Insolvency Resolution Process as against the Corporate Debtor (hereinafter referred as the CIRP) stood commence vide an Order dated 07.01.2019 of this Tribunal pursuant to the Application filed by M/s. Broadcast Audience Research Council under section 9 of the Insolvency and Bankruptcy Code. 5. It is also informed that present Applicant was appointed as the Interim Resolution Professional of the Corporate Debtor then he was duly confirmed by the CoC to act as the Resolution Professional. 6. The Applicant carried out necessary actions under the Code and in consultation with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assets of the Corporate Debtor. 13. The Applicant/Liquidator further submitted that due to the on-going pandemic situation and Nationwide Lockdown declared w.e.f. 25.03.2020 amid Pandemic COVID-19 by the Union Government which was still-in-force up to 07.06.2020. 14. We duly considered the above narrated facts and circumstances of the present IA No. 299/2021. Having heard the submission of the Learned Counsel for the Applicant/Liquidator. We are of the view that present IA deserves to be allowed. Hence, it is partly allowed and the period to complete the liquidation process is hereby extended by six months from today. In addition to this the Further the period consumed during the lockdown period needs to be excluded/exempted for count ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cribe period(s) of limitation for instituting proceedings, outer limits (within which the court or tribunal can condone delay) and termination of proceedings. We have passed this order in exercise of our powers under Article 142 read with Article 141 of the Constitution of India. Hence it shall be a binding order within the meaning of Article 141 on all Courts/Tribunals and Authorities. 16. By following the above direction of the Hon'ble Supreme Court, the present IA No. 299 of 2021 In CP (IB) No. 1688 of 2018 is partly allowed by extending the period for six months to complete the liquidation process of the Corporate Debtor. 17. With the aforesaid observation the present IA No. 299 of 2021 in C.P.(IB) No. 1688/MB/C-II/2018 stan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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