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Judgment
IA No.423/2022
The present application has been filed under Section 60(5) and 35 read with Regulation 44(2) of the IBBI (Liquidation Process) Regulation, 2016 read with Rule 11 of NCLT Rules, 2016 with a prayer for extension of the liquidation period for another six months period from 27th November, 2022. The reason for extension of the liquidation period is that New India Insurance Company is awaiting the realisation of the amount due towards the Corporate Debtor and Liquidator is waiting for settling of the said claim.
Keeping in view the facts and circumstances mentioned in the application, when the period of one year of the liquidation process already expired on 26th November, 2022, we feel that it is the case where the extension can be granted for completion of the liquidation process within next six months.
Accordingly, IA No.423/2022 is allowed and six months time is granted to Liquidator commencing with effect from 27th November, 2022 and he is directed to utilize this extended time of six months effectively, so that liquidation process is completed during the said extended time.
IA No.423/2022 is allowed and disposed of accordingly.