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2021 (8) TMI 208 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33(1) of the Insolvency and Bankruptcy Code, 2016 - time limitation - HELD THAT:- In the present case, the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was admitted on 03.09.2019 and the present application is filed by the Resolution Professional on 11.12.2020. The period of 180 days would be completed on 01.03.2020. As per order dated 25.02.2020 (Annexure-12), this Hon'ble Adjudicating Authority has allowed the CIRP to be extended by a period of 90 days w.e.f. 01.03.2020, but as per Notification No. IBBI/2020-21/GN/REG059 dated 20.04.2020, the period of Lockdown is excluded for the purpose of calculating the timelines in CIR Process. Hence, after excluding the lockdown period w.e.f. 23.03.2020 to 31.07.2020, the CIRP was expired on 07.10.2020 and the present application is filed on 11.12.2020. Assessment of Sale as a going concern (Regulation 39C of CIRP Regulations, 2016) - HELD THAT:- The CoC has not made any recommendation regarding sale of the corporate debtor as a going concern. Therefore, the Liquidator is directed to refer to Regulation 32A of the IBBI (Liquidation Process) Regulation, 2016 and take necessary action. In view of the satisfaction of the conditions provided under Section 33(1) of the Code, the corporate debtor Lakshmi Energy & Foods Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code - Application admitted - moratorium declared.
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