2021 (9) TMI 1552

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..... the liquidation estate - delay in auctioning the secured asset - Appellant intends to put further efforts to realize its security and accordingly, need a further time period of 6 months - HELD THAT:- In the present case, the order of liquidation was passed on 05.09.2018, three years has been lapsed and the liquidation proceeding could not be completed and after granting ample opportunity the Appe .....

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..... he Liquidator has asked the Appellant to vacate its physical possession and to return back asset to the liquidation estate. However, the Appellant intends to put further efforts to realize its security and accordingly, need a further time period of 6 months. But Ld. Adjudicating Authority has dismissed the Application. Therefore, this Appeal is filed. 2. Ld. Counsel appearing on behalf of the Liqu .....

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..... ecurity interest to the liquidator within 90 days from the liquidation commencement date and the secured creditor shall pay the excess of the realized value of the asset, which is subject to security interest, over the amount of his claims admitted, to the liquidator within one hundred and eighty days from the liquidation commencement date. Sub Regulation (3) of Regulation 21 provides that where a .....

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