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2021 (8) TMI 326 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCHSeeking exclusion of period of 312 days (i.e. 25.03.2020 to 31.01.2021 being the period of lockdown imposed by the Central Government and State Government in the wake of Covid-19 outbreak from the period stipulated for completion of liquidation - seeking extension of 90 days from 01.02.2021 (i.e. 270 days when calculated from 05.08.2020) as per Regulation 44(2) of the IBBI (Liquidation Process) Regulations 2016, after excluding the Covid Lock down period - HELD THAT:- It is to be noted here that the Regulation which was prevalent at the time of passing the Liquidation Order mandates the Liquidation process to be completed within a period of 2 years and as such the liquidation process in relation to the Corporate Debtor is required to be completed on or before 05.08.2020. However, the Liquidator not being in a position to complete the process and under the circumstances, the Liquidator has filed the present Application under Regulation 44(2) of IBBI (Liquidation Process) Regulations, 2016 (amended upto 15.12.2016) for continuation of the Liquidation period of the Corporate Debtor for a further period of one year. Regulation 44(2) of IBBI (Liquidation Process) Regulations, 2016, as it stood at the time of passing the Liquidation order, is taken into consideration for the facts of the present case and it contemplates that if the liquidator has failed to liquidate the Corporate Debtor within two years then he has to make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed specifying the additional time that shall be required for completion of the liquidation. By taking into consideration all the facts, this Authority feels that it is just and proper to extend the Liquidation period for a further period of 90 days and as such the Liquidation period of the Corporate Debtor is extended for a period of 90 (ninety) days from the date of this Order and the Liquidation process in relation to the Corporate Debtor is required to be completed on or before 14.10.2021. Further, the Liquidator shall make every endeavour to complete the liquidation process within the extended period and not to seek for any further extension. Application allowed.
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