9911796707
TMI Blog2022 (3) TMI 276X X X X Extracts X X X X X X X X Extracts X X X X ..... d Hemant Kumar Sarangi, Member (T) For the Appellant : Azeem, Adv. For the Respondents : Abu John Mathew, Adv. ORDER Bhaskara Pantula Mohan, Member (J) 1. The present application is being filed by Mr. Satish Kumar Mathur (hereinafter referred to as "the Applicant/Liquidator"), for seeking direction/order for extension of liquidation process of the Corporate Debtor. 2. The Applicant states th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eriod by six months, c) To permit the applicant to distribute the said unsold asset amongst the stakeholders in terms of regulation 38 of the Liquidation Regulations, d) To direct the stakeholders, namely HDFC Bank Ltd. and ARCIL Ltd. to pay in the proportion in which the unsold asset is to be distributed to them the fees to the applicant/liquidator @2.84% of the estimated value of the said as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d classified advertisements in Hindustan Times and Mint on 24.10.2020 and 25.10.2020 as well as purchased the Diamond Plan of Magic Bricks portal, to give wide publicity to the unsold assets. 6. The applicant has received many enquiries for the property but after visiting the site no one has shown any serious interest in the unsold property. The brokers and prospective buyers informed that they a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... special circumstances. 8. Thereafter the applicant in the 4th meeting of Stakeholders Consultation Committee of the Corporate Debtor held on 17.11.2020 had apprised the situation of the unsold assets which may only be distributed amongst the stakeholders as per the order of priority contained in section 53 of the Code. 9. Therefore, the applicant had filed this present application seeking extens ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8% on realization and 0.94% on distribution of unsold asset to stakeholders. 11. This bench, after taking into consideration the facts and circumstances of the present case, grants an extension of 6 months to the timeline of liquidation proceedings of the Corporate Debtor from the date of passing of this order and further directs the stakeholders to pay fee to the liquidator as prescribed in regu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
