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2020 (11) TMI 354 - Tri - Insolvency and BankruptcyContinuation of Liquidation Process - exclsusion of time period between February 20, 2020 to November, 30, 2020 from calculation of 365 days/One year as provided under Regulation 44 of the IBBI (Liquidation Process) Regulations, 2016 - HELD THAT:- In the Report No.100/KOB/2020, regarding ‘E’ Auction conducted on 30th September, 2020 it is stated that “No bid has come for Asset Blocks numbered 1 to4 ie., Land and Building and Plant and Machinery. There were many interested buyers who had shown interest, however one of the reasons for the bid not being received could be due to a demonstration in front of the factory on 4.9.2020 by few workmen/employees which was also published in the newspaper in Kochi and that have scared away the prospective buyers to come forward. As mandated in Regulation 44(2) a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. The applicant is permitted to continue with the liquidation process - The period between February 20,2020 to November, 30,2020 is excluded from calculation of 365 days/One year as provided under Regulation 44 of the IBBI (Liquation Process) Regulations, 2016 for completing the Liquidation Process, following the norms prescribed in the Regulations. Application disposed off.
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