9911796707
TMI Blog2021 (10) TMI 1033X X X X Extracts X X X X X X X X Extracts X X X X ..... ill such time the avoidance application is adjudicated, the Liquidation process in relation to the Corporate Debtor cannot be completed. Further, it is also seen that the assets of the Corporate Debtor are yet to be sold. This Authority feels that it is just and proper to extend the Liquidation period for a further period of one year and as such the Liquidation period of the Corporate Debtor is extended for a period of one year and the Liquidation process in relation to the Corporate Debtor is required to be completed on or before 20.12.2021 - Application allowed. - IA/659/CHE/2021 in CP/1385/IB/2018 - - - Dated:- 4-10-2021 - Sucharitha R., Member (J) And Anil Kumar B., Member (T) For the Appellant : V. Manivannan, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted by the Learned Counsel for the Liquidator that the Corporate Debtor's immovable properties were proposed for e-auction on 18.04.2020, however, due to the declaration of National Lockdown, the e-auction got cancelled. Subsequent to which, again on 16.11.2020 another public announcement was made, for the e-auction dated 30.11.2020 which also resulted in failure despite the efforts taken by the Applicant. It was submitted that again for the third time a public announcement dated 21.04.2021 was made for the e-auction dated 07.05.2021, in which except one, the other four lots of the Corporate Debtor's assets have been sold, subsequent to which the applicant is now in the process of handing over the assets to the successful bidde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication is adjudicated, the Liquidation process in relation to the Corporate Debtor cannot be completed. Further, it is also seen that the assets of the Corporate Debtor are yet to be sold. 7. 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 one year and as such the Liquidation period of the Corporate Debtor is extended for a period of one year and the Liquidation process in relation to the Corporate Debtor is required to be completed on or before 20.12.2021. Further, the Liquidator shall make every endeavour to complete the liquidation process within the extended period and not to seek 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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