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2021 (5) TMI 859 - Tri - Insolvency and BankruptcySeeking Extension of the Liquidation Process of the Corporate Debtor - Regulation 44(2) of The IBBI (Liquidation Process) Regulations, 2016 r/w Rule 11 of NCLT Rules, 2016 - HELD THAT:- The prescribed period for completing the Liquidation Process needs to be extended. The present IA deserves to be allowed partly. Consequently, the liquidation period is extended by six months from the date of the Order. Further the period consumed during the lockdown period has to be excluded/exempted from counting the period prescribed for Liquidation period by following the suo moto decision of Hon’ble Supreme Court in IN RE COGNIZANCE FOR EXTENSION OF LIMITATION [2021 (5) TMI 564 - SC ORDER] by extending/exempting the period from 15th March 2020 till 14th March 21 and again now until further order. Application allowed in part.
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