TMI Blog2021 (9) TMI 793X X X X Extracts X X X X X X X X Extracts X X X X ..... ue to the prevailing Covid - 19 pandemic and subsequent lock-down imposed by the Government of India and the State Governments, the Liquidator was unable to complete the Liquidation process of the Corporate Debtor within the time limit prescribed under the Code and in terms of Regulation 44 of the IBBI (Liquidation Process) Regulations, 2016. Regulation 44(2) of IBBI (Liquidation Process) Regulations, 2016, which was amended upto 15.12.2016, is taken into consideration for the facts of the present case and it contemplates that if the liquidator has failed to liquidate the Corporate Debtor within two years then he has to make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red 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 Liquidator caused Public Announcement in Form - B calling upon the stakeholders to submit their claims as on the liquidation commencement date. 3. It is also averred that the Asset Memorandum as per Regulation 34 of the Insolvency and Bankruptcy Code (Liquidation Process) Regulations, 2016 and the Preliminary Report was prepared by the Liquidator in terms of Regulation 13 of the IBBI (Liquidation Process) Regulations, 2016 and has been filed with this Tribunal. 4. It was s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 detained by the promoters of the Corporate Debtor and the said MA is pending adjudication before this Tribunal. Under such circumstances, the Learned Liquidator prayed for extension of the Liquidation process for a period of one year from 03.05.2021 after excluding the lockdown period as stated in the prayer. 8. Heard the submission made by the Learned Liquidator. From the submission made by the Learned Liquidator it is seen that the Liquidator is yet to complete the Liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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, which was amended upto 15.12.2016, is taken into consideration for the facts of the present case and it contemplates that if the liquidator has failed to liquidate the Corporate Debtor within two years then he has to make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed specifying the additional time that shall be required for completion of the liquidation. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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