Liquidation Time Limit

Regulation 47 of Liquidation Process deals with only model timelines which are directory and not mandatory, extension of time under Liquidation can be allowed in exceptional circumstances – Prakash Chandra Kapoor Vs. Vijay Kumar Iyer, (Liquidator) – NCLAT New Delhi

/ 60 minutes of reading

NCLAT held that it just & expedient to exercise our inherent powers under Rule 11 of the NCLAT Rules, 2016 to extend the period by six weeks to enable the Liquidator to attempt the Sale as a Going Concern. The timelines under Regulation 47 for Liquidation Process, are directory. Procedural law should not be construed as an obstruction but as an aid to Justice. Extension of time under Liquidation may be allowed only on the satisfaction that there exists exceptional circumstances. What is mandated in the Code in Section 35(1)(e) is to ‘carry on business’ for its ‘beneficial Liquidation’. The Regulation therefore cannot override the objective of ‘beneficial liquidation’ provided for in Section 35(1)(e) of the Code.

Regulation 47 of Liquidation Process deals with only model timelines which are directory and not mandatory, extension of time under Liquidation can be allowed in exceptional circumstances – Prakash Chandra Kapoor Vs. Vijay Kumar Iyer, (Liquidator) – NCLAT New Delhi Read Post »

Whether the period of dispute between liquidator & secured creditor should be excluded, to calculate of percentage of fees of liquidator, dependent on such period, considering the intent of legislature under regulation 21A of IBBI (Liquidation Process) Regulations, 2016 – Vijender Sharma, Liquidator of M/s SPM Auto Pvt. Ltd. Vs. Small Industries Development Bank of India (SIDBI) – NCLT New Delhi Bench Court-VI

/ 12 minutes of reading

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Whether the period of dispute between liquidator & secured creditor should be excluded, to calculate of percentage of fees of liquidator, dependent on such period, considering the intent of legislature under regulation 21A of IBBI (Liquidation Process) Regulations, 2016 – Vijender Sharma, Liquidator of M/s SPM Auto Pvt. Ltd. Vs. Small Industries Development Bank of India (SIDBI) – NCLT New Delhi Bench Court-VI Read Post »

Time extension under Regulation 44(2) of Liquidation Process Regulations, 2016 – Mr. Manish S Buchasia, Liquidator of Skyline Capital Pvt. Ltd. – NCLT Mumbai Bench

/ 1 minute of reading

The Adjudicating Authority observed that we are satisfied with the submission that the liquidation period needs to be extended. Accordingly, prayer of Applicant is allowed the liquidation period is extended by six months from today. Further the period consumed During the lockdown period has to be excluded/exempted from counting the period prescribed for completing the process of liquidation as per the suo moto decision of Hon’ble Supreme Court in “Miscellaneous Application No. 665/2021 in SMW(C) No. 3/2020”by extending/exempting the period from 15thMarch 2020 till 14th March 21 and again now until further order.

Time extension under Regulation 44(2) of Liquidation Process Regulations, 2016 – Mr. Manish S Buchasia, Liquidator of Skyline Capital Pvt. Ltd. – NCLT Mumbai Bench Read Post »

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