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2021 (4) TMI 622 - Tri - Insolvency and BankruptcySeeking modification of list of stakeholders and incorporate claims filed by the financial stakeholders - Section 60(5) (c) read with Regulation 31(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - HELD THAT:- We are not much convinced about the reasons for delay in filing the claim, as the clam is filed around 14 months after i.e. on 31.12.2020, when the last date of filing the claim was 19.10.2019. Moreover, the claimant is the same FC which had filed Application under Section 7 of IBC. The reason mentioned by the Liquidator i.e. due to Covid period lockdown, the liquidation process could not be completed is not convincing. The fact is that the Covid Pandemic Lockdown started on 23.03.2020 i.e. after six months of liquidation order passed and no claim is filed during that six months also. Liquidation is to be completed within one year. The Liquidator also could not clarify the reason for not filing the petition under Section 54 of IBC even after completion of one year when no claim is received even by 30.12.2020 and the CD under liquidation is having reportedly no realizable asset except cash and bank balance. The Liquidator is directed to call for the Stakeholders’ Consultation Committee meeting within 10 days from today with a view to ensuring the maximization / realisation of value of assets of the CD under liquidation and distribute the proceeds of the assets as per Section 53 of IBC - application disposed off.
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