TMI Blog2021 (4) TMI 622X X X X Extracts X X X X X X X X Extracts X X X X ..... kdown, the liquidation process could not be completed is not convincing. The fact is that the Covid Pandemic Lockdown started on 23.03.2020 i.e. after six months of liquidation order passed and no claim is filed during that six months also. Liquidation is to be completed within one year. The Liquidator also could not clarify the reason for not filing the petition under Section 54 of IBC even after completion of one year when no claim is received even by 30.12.2020 and the CD under liquidation is having reportedly no realizable asset except cash and bank balance. The Liquidator is directed to call for the Stakeholders Consultation Committee meeting within 10 days from today with a view to ensuring the maximization / realisation of value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dator (2) At the outset an application was filed by Neha Himatsingka and Kanishka Himatsingka before this Bench under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy Code (Application to Adjudicating Authority) Rules, 2016 and vide its order dated 08.03.2019, this Bench appointed Mr. Chhedi Rajbhar as the Interim Resolution Professional (IRP) and subsequently was appointed as the Resolution Professional (RP) by the Committee of Creditors. (3) The RP despite of his several efforts to formulate a Resolution Plan before the expiry of the period of 180 days, could not find a prospective Resolution Applicant interested in submitting a Resolution Plan for the revival of the busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the receipt of claims. Copy of the report dated 3.12.2019 submitted before this Bench by the Liquidator is attached with the application marked as ANNEXURE C. (8) The Liquidator on 31.12.2020 received a claim in Form D from a Financial stakeholder being Neha Himatsingka and Kanishka Himatsingka. It is submitted that the claim received from such financial stakeholder is much after the stipulated last date of submission of claim which expired on 19.10.2019. The Applicant states that as the provision is not clear under the liquidation proceeding whether the claims furnished by the financial stakeholders shall be admitted or not after the stipulated period of time as mentioned in the public announcement, the Liquidator has received and pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. We are not much convinced about the reasons for delay in filing the claim, as the clam is filed around 14 months after i.e. on 31.12.2020, when the last date of filing the claim was 19.10.2019. Moreover, the claimant is the same FC which had filed Application under Section 7 of IBC. 4. The reason mentioned by the Liquidator i.e. due to Covid period lockdown, the liquidation process could not be completed is not convincing. The fact is that the Covid Pandemic Lockdown started on 23.03.2020 i.e. after six months of liquidation order passed and no claim is filed during that six months also. Liquidation is to be completed within one year. The Liquidator also could not clarify the reason for not filing the petition under Section 54 of IBC ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
