9911796707
TMI Blog2019 (8) TMI 1583X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Corporate Insolvency Resolution Process and further extending the time period of the process. 2. The facts in brief are that the financial creditor, BDR Builders and Developers Pvt. Ltd. had filed a petition bearing no. IB 461(PB)/2017 under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application was admitted by this tribunal vide order dated 14.03.2018 and Mr. Sudhir Kalra was appointed as Interim resolution Professional (IRP). 3. Thereafter, in terms of Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) the said Interim Resolution Professional made a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order the instant application was filed on 12.06.2019 under Section 60(5) of the Code seeking exclusion of certain time period and extending the time of the CIR process beyond 180 days. When the application came up for hearing on 14.06.2019, the Bench pointed out that the number of days sought to be excluded have not been mentioned and the application was directed to be returned through the Registry. In compliance of the order dated 14.06.2019, the RP filed an affidavit on 04.07.2019. Para 4 of the said affidavit mentions 278 days to be excluded for the purpose of calculating maximum period for CIR process. 7. It is pertinent to mention that the applicant is seeking exclusion of time spent in deciding CA-768(PB)/2018. The said applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly, we invoke the provisions of Section 33(1)(a) and pass an order liquidating the Corporate Debtor in the manner as laid down in Chapter III of the IBC. The Liquidator may proceed with the liquidation process in the manner as laid down in the Code. 9. The Resolution Professional has not submitted its written consent to be appointed as Liquidator in the present case and therefore as per Section 34(4)(c) of the Code we appoint Mr. Sukhdev Madnani as a Liquidator. 10. As a result the instant application for extension/exclusion of time is dismissed and we order liquidation of the corporate debtor, namely Shilpi Cable Private Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 alo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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