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Judgment
IA-819(MB)2024
Mr. Prakash Jain a/w Pushkar Deo i/b Trilegal, Ld. Counsel for the Applicant/Liquidator present. None present for the Respondent.
This is an application filed by the Applicant/Liquidator under Section 60(5) of I & B Code, 2016 r/w Regulation 44 of IBBI (Liquidation Process) and Rule 11 of the NCLT Rules, 2016 seeking further extension of 6 (six) months from 27.12.2023 to complete the Liquidation process of the Corporate Debtor.
Ld. Counsel for the Applicant submits that out of 8 assets, 6 assets of the Corporate Debtor have been sold. The Counsel submits that in the 11th e-auction, some bids were received but EMD was not received. The SCC has passed a resolution to conduct another e-auction for sale of the remaining assets.
In view of the foregoing, the time required to complete the process is expected to be in the region of six months. Hence, the Liquidator (applicant) is filing the present application seeking an extension period of six months to complete the rest of the Liquidation Process.
After considering the facts of the case, this Bench feels that it would be appropriate to allow extension of six months finally from 27.12.2023.
In view of this, IA-819/2024 is disposed of.