9911796707
TMI Blog2022 (3) TMI 988X X X X Extracts X X X X X X X X Extracts X X X X ..... anty, Member (T) ORDER Bachu Venkat Balaram Das, Member (J) 1. The present application has been filed under Section 54 of the Insolvency & Bankruptcy Code, 2016, (the Code) read with Regulation 2B of the Insolvency and Bankruptcy Board of India (Liquidation Process), Regulation, 201.6 (the Regulations) by the applicant seeking following prayers: a) To approve the condonation of delay under Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arge his function and such further orders be passed or directions be given as the Hon'ble Tribunal may deem fit and proper in the interest of the justice, or f) Issue such Order as may be deemed fit, proper and necessary in the facts and circumstances of the case. 2. The prayers of the applicant regarding approval of Scheme of merger and dispensation of convening of separate meetings of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... registered." Regulation 2 B is also reproduced below: "2B. Compromise or arrangement. (1) Where a compromise or arrangement is proposed under section 230 of the Companies Act, 2013 (18 of 2013), it shall within ninety days of the order of liquidation under sub-sections (1) and (4) of section 33. Provided that a person, who is not eligible under the Code to submit a resolution plan for ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of filing one application and therefore the present application cannot be entertained under Section 54 of the Code. However, the applicant is at liberty to file separate applications for approval of the scheme of Compromise or arrangement for merger with the reasons for delay in filling the application and for Dispensing with convening separate meeting of the Creditors. If the scheme of Merger is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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