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2020 (12) TMI 864 - Tri - Insolvency and BankruptcySeeking extension of time for filing statutory compliances before Securities and Exchange Board of India - Section 60 (5) of Insolvency & Bankruptcy Code, 2016, read with Rule 11, 13 & 32 of National Company Law Tribunal Rules, (Adjudicating Authority), 2016 - HELD THAT:- The Company / Corporate Debtor was under Corporate Insolvency Resolution Process at the time when the Application was filed by the Resolution Professional on 28.07.2020. We have perused the letters addressed to SEBI and IBBI by the Applicant herein. Admittedly, the Resolution Professional has made efforts to approach the Regulatory Authority for extension of time/waiver of compliances under "LODR" Regulations. However, no response from the Regulatory Authority in this regard. Considering the exertions of the Resolution Professional; the submissions put forth by him and subsequent liquidation order passed by this Tribunal on 02.11.2020, we are of the considered view that this Application deserves favourable consideration. Now that the Liquidation order is passed by the Tribunal on 02.11.2020, we can direct the Applicant to comply with the statutory compliance during the months of July, August and September, 2020 by granting some additional time. Application allowed - following orders were passed: (a). Extend the time limit till 31.03.2021 for filing of audited financial results (standalone & consolidated) for the year ended 31.03.2020 with SEBI. (b). Extend the time till 31.03.2021 for complying the provisions of Regulation 24A and all other applicable Regulations of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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