TMI Blog2020 (11) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... ived could be due to a demonstration in front of the factory on 4.9.2020 by few workmen/employees which was also published in the newspaper in Kochi and that have scared away the prospective buyers to come forward. As mandated in Regulation 44(2) a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. The applicant is permitted to continue with the liquidation process - The period between February 20,2020 to November, 30,2020 is excluded from calculation of 365 days/One year as provided under Regulation 44 of the IBBI (Liquation Process) Regulations, 2016 for completing the Liquidation Process, following the norms prescribed in the Regulations. Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uage on 24.10.2019. 4. The applicant further submitted that in accordance with the aforesaid public announcement, the applicant received several claims from the employees/workmen of the Corporate Debtor amongst other creditors of the Corporate Debtor. After processing the claims, the same was communicated with observations to all claimants seeking their clarification and based on revers/clarification, applicant has formed the stakeholders list. Some of the workmen/employees of the Corporate Debtor took the matter before the Hon ble High Court of Kerala in OP (C ) 484 of 2020, in which the High Court granted a stay on the liquidation process vide order dated February 20, 2020. The Hon ble High Court vacated the stay and dismissed the Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Regulation 44 of the IBBI (Liquidation Process) Process 2016 would be October, 20,2020. However, the delay has happened in the Liquidation Process due to the reasons mentioned above, which is beyond the control of the applicant. Since litigation of workmen and employees are pending, the applicant contemplates that the litigation may culminate by the end of November, 2020. However, he reserves his rights and craves leave from this Tribunal to apply for additional time if required. 6. I have heard the Learned counsel for the Liquidator appeared through video conferencing along with the Liquidator and have gone through the relevant documents placed before this Tribunal including the Report No.100/KOB/2020 filed by the Liquidator. Regul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd specifying the additional time that shall be required for liquidation, the Applicant has narrated the reasons in his report as item No.33 (page 25) of the Report No.100/KOB/2020, which reads: According to Regulation 44(1) of the Liquidation Process regulation, 2016 mentioned that liquidation process to be completed within a period of one year from the liquidation commencement date and in the given liquidation process the period of one year completes on 20th October 2020, however, considering the interim stay of High Court from 20.02.2020 to 13.07.2020 and further to the High Court order whereby the order mentioned that the distribution of sale proceeds to be made only on completion of all appeals under Section 42 of the Code at NCLT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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