TMI Blog2021 (5) TMI 680X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority is empowered to exclude certain period of time subject suitable reasons cited, for Liquidation process. Application allowed. - I.A. No. 72 of 2021 in C.P. No. 235/2016 (T.P. No. 88/2017) - - - Dated:- 18-3-2021 - Rajeswara Rao Vittanala , Member ( J ) and Ashutosh Chandra , Member ( T ) For the Appellant : Varun S. and Shivadutt Bannanje ORDER Rajeswara Rao Vittanala, Member (J) 1. I.A. No. 72 of 2021 in C.P. No. 235/2016 (T.P No. 88/2017) is filed by Shri Shivadutt Bannanje, Liquidator of Concur Marketing Private Limited, u/s. 60 (5) of the I B Code, 2017 R/w Regulation 47A of IBBI (Liquidation Process) Regulations 2016, and Rule 11 of NCLT, Rules 2016 by inter-alia seeking to grant exclusion perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 99,08,400/- for the sale of assets. However, no bids were received. Thereafter, the Applicant conducted the 2nd e-auction on August 21, 2019 wherein the reserved price of the assets was reduced to ₹ 89,00,000/- and contacted a few prospective buyers and those buyers had also visited the factory. However, no bids were received on the day of e-auction. Therefore, the Applicant took various efforts to pursue discussions with various other prospective buyers and also showed the property to them and the same was ongoing in the latter months of year 2019 and the beginning of the year 2020. Since the liquidation commencement date was 11.03.2019, the two year period of liquidation is scheduled to end on 11.03.2021. In the interim, ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived. The main asset of the Corporate Debtor i.e., the land and building being in a truck terminal area and it is very difficult to sell the same as any buyer buying that land will not be able to do any other business other than transportation or an automobile garage. Owing to these reasons, along with the fact that the in the midst of a pandemic, the real estate market has seen a substantial downturn, the eventual sale of this property is taking longer than expected. He has also approached the financial creditors and proposed them to lower the prices of the assets and also look at the possibility of taking over the assets by the Financial Creditors since there are no buyers at the Bank's proposed price. However, the Applicant is sti ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
