TMI Blog2022 (2) TMI 1307X X X X Extracts X X X X X X X X Extracts X X X X ..... directed to forward a copy of this Order to the RoC concerned - application allowed. - MA/5/2021 in CP/665/IB/2017 - - - Dated:- 11-2-2022 - JUSTICE (RETD) S. RAMATHILAGAM, MEMBER (JUDICIAL) AND ANIL KUMAR B, MEMBER (TECHNICAL) For the Applicant : Srinath Sridevan, Advocate, TK Bhaskar, Advocate, K Harishankar, Advocate, Bhagavath Krishnan, Advocate ORDER PER: JUSTICE (RETD.) S. RAMATHILAGAM, MEMBER (JUDICIAL) This MA/5/2021 has been filed by the Applicant under Section 54 of the Insolvency and Bankruptcy Code, 2016 seeking following reliefs: a. to exclude a period of 186 days from the Liquidation period in relation to the timelines of Liquidation Process of the Corporate Debtor and thus render justice. b. to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the bid amounts being lesser than the Reserve Price, the Applicant filed an IA/336/2020 before this Tribunal to confirm the bid of one of the highest bidders; that the same was cancelled by the Tribunal vide order dated 01.07.2020 with liberty to takeout fresh auctions. The Applicant, as per direction of this Tribunal, conducted the 4 th e-Auction on 07.08.2020 in which Liberty Group Pte Ltd (hereinafter Liberty ) was declared as highest bidder with a total consideration of the transaction is 262.45 Crore with interest of Rs. 7.94 Crore for delay in payment beyond 30 days and applicable taxes. 5. It is submitted by the Learned Counsel for the Applicant that on 10.08.2020, the Applicant and 24 Applicant herein executed the Letter o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is submitted by the Learned Counsel for the Applicant that in the present case, the Order of Liquidation was passed on 30.01.2019 and delivered to the Applicant on 18.02.2019. Therefore, two years Liquidation period under Regulation 44 of the Liquidation Regulations came to an end on 18.02.2021; that, on account of COVID-19 and imposition of nation-wide lockdown by the central government from 24.03.2020 and its subsequent extension till 30.09.2020, the Applicant relies on Regulation 47A of the Liquidation Regulations and prays for the exclusion of 186 days from the Liquidation Period and this exclusion stands allowed. 9, Heard the submissions made by the Learned Counsel for the Applicant. Section 54 of the IBC, 2016 provides as follows ..... X X X X Extracts X X X X X X X X Extracts X X X X
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