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TMI Blog2021 (8) TMI 326X X X X Extracts X X X X X X X X Extracts X X X X ..... e Liquidation process to be completed within a period of 2 years and as such the liquidation process in relation to the Corporate Debtor is required to be completed on or before 05.08.2020. However, the Liquidator not being in a position to complete the process and under the circumstances, the Liquidator has filed the present Application under Regulation 44(2) of IBBI (Liquidation Process) Regulations, 2016 (amended upto 15.12.2016) for continuation of the Liquidation period of the Corporate Debtor for a further period of one year. Regulation 44(2) of IBBI (Liquidation Process) Regulations, 2016, as it stood at the time of passing the Liquidation order, is taken into consideration for the facts of the present case and it contemplates th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 020 to 31.01.2021 being the period of lockdown imposed by the Central Government and State Government in the wake of Covid-19 outbreak from the period stipulated for completion of liquidation; b. Provide a further extension of 90 days from 01.02.2021 (i.e. 270 days when calculated from 05.08.2020) as per Regulation 44(2) of the IBBI (Liquidation Process) Regulations 2016, after excluding the Covid Lock down period. c. To pass such other order/directions, as this Hon'ble Bench may deem fit and proper in the facts and circumstances of the case and thus render justice. 2. In an application filed under Section 10 of IBC, 2016, by Corporate Debtor viz. M/s. G.B. Engineering Enterprises Private Limited, this Tribunal vide its or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lding belonging to the Corporate Debtor. Further, it was also submitted that most of the Plant and Machinery of the Corporate Debtor are sold and still there are some left to be sold and some buyers have evinced interest to purchase the same. It was also submitted by the Learned Counsel that the Liquidator has filed MA/621/2019 against a Company seeking for return of materials to the Corporate Debtor which was given for a job work and also to make the payment for non-completion of Job including the cost of materials and the same is pending adjudication before this Tribunal. 6. The Learned Counsel for the Applicant submitted that as per the unamended Regulation 44 of the IBBI (Liquidation Process) Regulations, 2016 the Liquidation of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iod of one year. In this context it is relevant to refer to Regulation 44 of IBBI (Liquidation Process) Regulations, 2016 (amended upto 15.12.2016) 44. Completion of liquidation. (1) The liquidator shall liquidate the corporate debtor within a period of two years. (2) If the liquidator fails to liquidate the corporate debtor within two years, he shall make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. 8. Regulation 44(2) of IBBI (Liquidation Process) Regulations, 2016, as it stood at the time of passing the Liquidation order, is taken into consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purposes of computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process. 11. Thus, by taking into consideration all the facts mentioned above, this Authority feels that it is just and proper to extend the Liquidation period for a further period of 90 days and as such the Liquidation period of the Corporate Debtor is extended for a period of 90 (ninety) days from the date of this Order and the Liquidation process in relation to the Corporate Debtor is required to be completed on or before 14.10.2021. 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 Liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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