TMI Blog2021 (11) TMI 467X X X X Extracts X X X X X X X X Extracts X X X X ..... btor in order to complete the Liquidation process, strictly following the IBBI Regulations. The fee of the Liquidator shall be calculated excluding the period from 11.01.2021 to 08.07.2021 following the IBBI Regulations. Application disposed off. - IA/(IBC)/152/KOB/2021 in IBA/35/KOB/2019 - - - Dated:- 21-10-2021 - Ashok Kumar Borah, Member (J) And Anil Kumar B., Member (T) For the Appellant : Party-in-Person ORDER 1. This IA(IBC)/152/KOB/2021 has been filed by the Applicant/Liquidator of the Corporate Debtor Company M/s. Goodwin Packpet Private Limited seeking the following reliefs:- i. Pass an order excluding the period from 11th January 2021 to 28th July 2021 i.e., period allowed for restructuring the corporate d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicant/Liquidator stated that on 7th February, 2021, Mr. Kovath Achuthan Anirudhan, Mr. Cheerambath Manikutty Rajeevan and Mr. Puthuppully Pavithran Satheesh, members of the suspended board of directors of the Company had visited his office and they informed him vide their letter dated 26th February, 2021 that the promoters of Goodwin Packpet Private Limited propose to submit a plan to re-structure the Company under Section 230 of the Companies Act, 2013. As per Regulation 2B of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, compromise or arrangement proposed under Section 230 of the Companies Act, 2013 should be completed within 90 days from the date of commencement of liquidation. Hence, compromise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts placed before this Tribunal. Regulation 2 B (2) of the, Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2020 is as follows: (2) The time taken on compromise or arrangement, not exceeding ninety days, shall not be included in the liquidation period. 6. Considering the facts and circumstances mentioned above and taking into consideration of the present pandemic as also Regulation 2 B (2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2020, we dispose of this application excluding the period from January 11th, 2021 to July 28th, 2021 from the Liquidation period of the Corporate Debtor in order to complete the Liquidation process, strictly following the IBBI Regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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