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2021 (4) TMI 638 - Tri - Insolvency and BankruptcyExtension of Liquidation Proceedings by one year in terms of Regulation 44(2) of the IBBI (Liquidation Process) regulations, 2016 - HELD THAT:- The assets of the Company have not been liquidated yet as the land on which the Hotel building is situated does not belong to the Company and the main entrance area of the Hotel belongs to a third party. It is further submitted that more time will be required to appoint an amin for the demarcation of the assets of the Company and that of the other parties, as was suggested by the sole secured creditor in the 2nd Stakeholders Consultative Committee Meeting - That additional time is also required to file as application Regulation 38(1) of the Liquidation Process Regulations. Liquidation is required to be completed within 1 year. Liquidation order was passed on 06/09/2019. It should have been completed on 05/09/2020 - Considering the submissions made today, Liquidation period is extended by another 6 months only. This 6 months extension is excluding 160 days exclusion from 25/03/2020 till 31/08/2020 allowed earlier for lockdown/ shutdown/ Covid Pandemic. Application allowed.
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