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Judgment
Mr. PCA Ayush J. Rajani, appearing for the liquidator, in I.A. 3487/2022, Mr. Umang Mehta, counsel appearing for the Resolution Professional in I.A. IA 1454/2022 are present through virtual hearing.
I.A. 3487/2022
Heard the argument of counsel appearing for the liquidator and the order is reserved.
I.A. 1454/2022
The above Interlocutory Application is filed by Applicant /Liquidator under Regulation 44 (2) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 seeking extension of time for submitting a closure Report in respect of the Liquidation of the Corporate Debtor by a further period of 6 months. The reasons assigned in the application are that the only asset which remains to be realized is the insurance claim amounting to a tune of Rs. 50,00,00,000/- (Rupees Fifty Crores only) on account of the theft and damages caused to the Plant and Machinery of the Corporate Debtor.
However, the delay in the disbursal of the said claims is attributable to the delay on the part of the police authorities and the insurance authorities, who have till date not adjudicated the claim, despite the fact that the claim was filed on 12th December, 2019.
The applicant further submits that, the applicant has been time and again following up with the police authorities and the insurance authorities and the Liquidator is hopeful that the Insurance Claim shall be soon adjudicated and resolved. Liquidator has also appointed a Consultant to expediate the process On the receipt of the said insurance claim, the Applicant shall conclude the Liquidation proceedings and shall take necessary steps to file a closure report in respect of the Liquidation of the Corporate Debtor.
After hearing the submissions of the counsel appearing for the Applicant/Liquidator, this bench feels that this is a fit case for allowing the above application. Accordingly, the above Interlocutory Application is allowed in terms of prayer clause ‘a’ extending the period for 6 month’s from 17.03.2022.
It is hereby clarified that the Liquidator shall make all efforts to complete the Liquidation Process within the extended time.
Registry shall list the above matter on receiving the fresh I.A. if any.