TMI Blog2021 (5) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... or Liquidation period by following the suo moto decision of Hon ble Supreme Court in IN RE COGNIZANCE FOR EXTENSION OF LIMITATION [ 2021 (5) TMI 564 - SC ORDER ] by extending/exempting the period from 15th March 2020 till 14th March 21 and again now until further order. Application allowed in part. - I.A. NO. 421/MB/C-II/2021 In C.P (IB) No. 638/MB/C-II/2017 - - - Dated:- 13-5-2021 - Mr. Ravikumar Duraisamy Mr. H. P. Chaturvedi And Hon'ble Member Technical Hon'ble Member Judicial For the Liquidator : Mrs. Jesal Singh, Advocate ORDER Per : Ravikumar Duraisamy , Member 1. The present application is moved by Mr. Vijay Pitamber Lulla, (hereinafter called as the Applicant ) Under Regulation 44(2) of The IBBI (L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation for taking the Corporate Debtor into Liquidation u/s 33 of I B Code, 2016 was filed before this Bench. The said Application was allowed by this Court on 10.04.2019 and Mr. Vijay Pitamber Lulla was appointed as the Liquidator of the Corporate Debtor. The said order was received by the Liquidator on 03.05.2019 upon which he took charge of the Corporate Debtor. 5. The Applicant further states that the process of Liquidation initiated by him which is stated as under :- (a) As per the Code, the Liquidator performed his duties as a Liquidator from the date of receipt of order passed by Hon ble Tribunal. (b) The Liquidator issued public announcement on 08.05.2019 in Form B for the purpose of inviting claims against the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Insolvency and Bankruptcy Code, 2016, if the Liquidator fails to liquidate the Corporate Debtor within (one year), Liquidator shall make an application to the Adjudicating Authority to continue such liquidation, and specifying the additional time that shall be required for liquidation. (i) Pursuant to the aforesaid Regulation, Liquidator submits a Report wherein it gives a brief on the Progress made by the Corporate Debtor till date along with reasons accorded therein for requesting additional time required for carrying out the entire process of Liquidation as the same could not be completed for the reasons as specified in the present application and the report. (j) By virtue of the aforesaid provision, the Liquidator submits that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Corporate Debtor was initiated vide Order of this Tribunal dated 10.04.2019 by appointing the present Applicant as Liquidator. Hencee the present Application for the above reliefs are sought for. 6. We have perused the records and duly considered the reasons, grounds submitted by the Liquidator in respect of the present application, the main grounds seeking for extension of liquidation process are described in the preceding paras of this Order. 7. The Liquidation Process was initiated by this Tribunal, vide an Order dated 10.04.2019 appointing Mr. Vijay Pitamber Lulla as Liquidator and directing him to take necessary actions in accordance with the relevant provisions of the Insolvency and Bankruptcy Board of India, for completio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther orders. It is further clarified that the period from 14th March, 2021 till further orders shall also stand excluded in computing the periods prescribed under Sections 23 (4) and 29A of the Arbitration and Conciliation Act, 1996, Section 12A of the Commercial Courts Act, 2015 and provisos (b) and (c) of Section 138 of the Negotiable Instruments Act, 1881 and any other laws, which prescribe period(s) of limitation for instituting proceedings, outer limits (within which the court or tribunal can condone delay) and termination of proceedings. We have passed this order in exercise of our powers under Article 142 read with Article 141 of the Constitution of India. Hence it shall be a binding order within the meaning of Article 141 on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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