For the purpose of proceedings under Sections 230 to 232 of the Companies Act, 2013, it is open to the Adjudicating Authority to grant more than 90 days of period – Kshitiz Gupta Liquidator in the matter of Abhishek Corporation Ltd. Vs. Asset Reconstruction Company (India) Limited and Ors. – NCLAT
NCLAT directed the ‘Liquidator’ to first act in accordance with the decision in Shivram Prasad (supra) by following the procedure of Sections 230-232 of the Companies Act, 2013. We have noticed that for the purpose of proceedings under Sections 230 to 232 of the Companies Act, 2013, it is open to the Adjudicating Authority to grant more than 90 days of period. However, for completion of the ‘Liquidation Process’, average two years’ time has been granted. The sale of assets can be done only if the ‘Liquidator’ fails to revive the Company by pursuing the proceedings under Section 230 vis-à-vis 232 of the Companies Act, 2013 as a going concern. The Appeal stands disposed of with the aforesaid observations.
