Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (6) TMI 206 - Tri - Insolvency and BankruptcySeeking exclusion of time from liquidation period - exclusion of Covid - 19 lockdown period - HELD THAT:- Based upon the Notification issued by the Ministry of Home Affairs, Government of India dated 24.03.2020, 15.04.2020, 01.05.2020, 17.05.2020, 30.05.2020, 29.06.2020 and 29.07.2020 and the Notifications issued by the Tamil Nadu State Government in relation to lockdown being extended in the State of Tamil Nadu dated 31.07.2020, 31.08.2020, 30.09.2020, 31.10.2020 and 30.11.2020, this Authority feels that it is just and proper that the period from 24.03.2020 to 14.03.2021 is required to be excluded from the Liquidation period timelines and consequently the Liquidation period is required to be extended for a further period of 6 months and as such, after exclusion of the period from 24.03.2020 to 14.03.2021, the Liquidation period of the Corporate Debtor is extended for a period of 6 months from 04.09.2020 and the Liquidation process in relation to the Corporate Debtor is required to be completed on or before 24.02.2022. The Liquidator, in view of the extension granted, is directed to abide by the model timelines for the completion of the tasks remaining incomplete, as prescribed by IBBI in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and thereby complete the process in all earnest and in accordance with the said Regulations including filing of reports as required, with this Tribunal. Application allowed.
|