9911796707
TMI Blog2021 (9) TMI 793X X X X Extracts X X X X X X X X Extracts X X X X ..... on as stipulated under Section 47A of the Insolvency and Bankruptcy Code, 2016 i.e. between 23rd March 2020 and 31st August 2020 and 10.05.2021 to 21.06.2021. b. Approve an extension of 1 Year from 23rd November 2021 to continue the liquidation period according to Regulations 44(2) of the Insolvency and bankruptcy Board of India (Liquidation Process) Regulations, 2016 c. Such other order or orders in the circumstances of the case and in the interest of justice. 2. It is averred in the Application that this Tribunal vide order dated 03.05.2019 had ordered Liquidation of the Corporate Debtor and appointed the Applicant herein as the Liquidator. Pursuant thereto, as per Regulation 12 of the IBBI (Liquidation Process) Regulations 2016, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yers for the sale of the property of the Corporate Debtor. 6. It was submitted that during the month of December 2020, there were couple of prospective buyers evincing interest; however the said prospective applicants did not fulfill the conditions and the same did not fructify. Further, the liquidator has caused a Public announcement in "New India Express" (English) and "Dinamani" in Tamil on 18.02.2021 for the E-auction which was scheduled on 03.03.2021. Even though the liquidator has received enquiries from 14 interested parties, no one participated in the e-auction. 7. The Learned Liquidator submitted that he has filed an Application in MA/887/2019 regarding income from the property situated at Courtallam, which was unlawfully detaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for continuation of the Liquidation period of the Corporate Debtor for a further period of one year. In this context, it is relevant to refer to Regulation 44 of IBBI (Liquidation Process) Regulations, 2016 (amended upto 15.12.2016) 44. Completion of liquidation. (1) The liquidator shall liquidate the corporate debtor within a period of two years. (2) If the liquidator fails to liquidate the corporate debtor within two years, he shall make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. 10. Regulation 44(2) of IBBI (Liquidation Process) Regulations, 2016, whic ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
