Liquidation Time Limit

The period of judicial intervention to achieve the desired objective of completing the sale of Corporate Debtor is excluded from Time limit – GABS Megacorp Ltd. Vs. Sutanu Sinha and Anr. – NCLAT New Delhi

/ 5 minutes of reading

Prayer in regard to extension of time sought by the Appellant remains uncontested as the ‘Lenders and Stakeholders Committee’ have expressed their interest in getting the sale of the Corporate Debtor, in favour of the Appellant, completed at the earliest. It would be conducive to the interest of justice that period during which the Appellant had been agitating before the judicial apparatus for waiver of interest to achieve the desired objective of completing the sale of Corporate Debtor, is excluded. From the minutes recorded on 8th December, 2020, it comes to fore that the 90 days period in terms of Regulation 44 has came to an end on 3rd December, 2020 whereas the Appellant has not deposited any payment by 30th November, 2020 and the voting lines had been extended till 3rd December, 2020. Thereafter, the matter was heard by this Appellate tribunal and order directing status quo came to be passed, which is to expire on 21.12.2020.

The period of judicial intervention to achieve the desired objective of completing the sale of Corporate Debtor is excluded from Time limit – GABS Megacorp Ltd. Vs. Sutanu Sinha and Anr. – NCLAT New Delhi Read Post »

Scroll to Top