Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 680 - Tri - Companies LawSeeking to grant exclusion period from 25.03.2020 to 22.07.2020 i.e., period of 120 days from the liquidation process period etc. - Section 60 (5) of the I & B Code, 2017 R/w Regulation 47A of IBBI (Liquidation Process) Regulations 2016, and Rule 11 of NCLT, Rules 2016 - HELD THAT:- The material facts of the issue are not in dispute, and the Applicant could not conclude the Liquidation in question, within stipulate time, due to the lockdown and partial lockdown imposed in the wake of Covid-19 outbreak and also non response to e-auction issued. It is settled position of Law that Adjudicating Authority is empowered to exclude certain period of time subject suitable reasons cited, for Liquidation process. Application allowed.
|