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2023 (11) TMI 106 - AT - Insolvency and BankruptcyWilful Obedience - Application filed under Rule 11 of the National Company Law Appellate Tribunal Rules 2016 by the Liquidator praying for directions to be issued to the Respondent to hand over the vacant possession of the immovable property - HELD THAT - This Tribunal on 21.04.2023 in allowing the Respondent to settle the dues of the statutory creditors had done so by holding that the liquidator should assume a more positive approach and not shun the bonafide efforts made by the present Respondent to clear the debt of the Corporate Debtor. It had therefore decided to give an opportunity to the present Respondent to settle with the fourth statutory creditor rather than straight away allow auction of the subject property with the caveat that this settlement was to be completed within a limited and stringent timeframe. This was allowed so as to balance the interests of all stakeholders while being fully conscious of the objectives of timeliness in the completion of proceedings under IBC. Despite allowing two extensions of time to the Respondent he failed to submit a responsive proposal and instead chose to file an appeal before the CESTAT. The object behind filing the appeal was to reach an end which was clearly different from the purpose for which time was allowed by this Tribunal towards full and final settlement. Instead of clearing the claims of the majority stakeholder endeavours have only been made to dispute and stagger the claims by filing an appeal - In the process the objectives of the IBC have been upset and defeated. Speed is the essence of IBC and the process of liquidation is time-bound to be completed within one year. Keeping in mind that the liquidation process in the instant case is already much delayed we do not find strong and cogent reasons to allow more time. Application disposed off.
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