Liquidation Time Limit

Liquidator is entitled to claim exclusion of period of lockdown imposed by the Central Government in wake of Covid – 19 outbreak, as adumbrated in Regulation 47A of Liquidation Process Regulations, if it applies to the facts and circumstances – CA Mahalingam Suresh Kumar Liquidator of M/s Nag Yang Shoes Pvt. Ltd. – NCLT Chennai

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NCLT by taking into consideration all the facts mentioned above, feels that it is just and proper to extend the Liquidation period for a further period of one year from 06.04.2020 and in the said circumstances, the Liquidation period of the Corporate Debtor stands extended for a further period Of one year from 06.04.2020 and the Liquidator shall make every endeavour to complete the liquidation process within the extended period of one year and not to seek for any further extension. It is needless to mention here that the Applicant / Liquidator is entitled to claim exclusion of period of lockdown imposed by the Central Government in wake of Covid – 19 outbreak, as adumbrated in Regulation 47A of IBBI Insolvency and Bankruptcy Board Of India (Liquidation Process) Regulations, 2016, if it applies to the facts and circumstances. The Liquidator in view of the extension granted as above, is directed to abide by the model timelines as prescribed by IBBI in Insolvency and Bankruptcy Board Of India (Liquidation Process) Regulations, 2016 and thereby complete the process in all earnest and in accordance with the said Regulations including filing of reports as required, with this Tribunal. Accordingly, IA/421/2020 stands allowed on aforementioned terms.

Liquidator is entitled to claim exclusion of period of lockdown imposed by the Central Government in wake of Covid – 19 outbreak, as adumbrated in Regulation 47A of Liquidation Process Regulations, if it applies to the facts and circumstances – CA Mahalingam Suresh Kumar Liquidator of M/s Nag Yang Shoes Pvt. Ltd. – NCLT Chennai Read Post »

No period for the purpose of Liquidation can be excluded on the ground that the fees of the Liquidator had not been fixed – Arun Gupta, Liquidator LML Ltd. – NCLAT

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No period for the purpose of Liquidation can be excluded on the ground that the fees of the Liquidator had not been fixed – Arun Gupta, Liquidator LML Ltd. – NCLAT Read Post »

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

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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.

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 Read Post »

While preparing the terms and conditions of sale, if it is necessary the period of liquidation process may be changed by the liquidator – Manjit Commercial LLP Vs. SPM Auto Pvt. Ltd. (In Liquidation) – NCLAT

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While preparing the terms and conditions of sale, if it is necessary the period of liquidation process may be changed by the liquidator – Manjit Commercial LLP Vs. SPM Auto Pvt. Ltd. (In Liquidation) – NCLAT Read Post »

During the liquidation process, step required to be taken for its revival and continuance of the Corporate Debtor by protecting the Corporate Debtor from its management & from a death by liquidation- Arokiasamy Joseb Raj Vs. Pathukasahasram Raghunathan Raman & Ors. – NCLAT

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During the liquidation process, step required to be taken for its revival and continuance of the Corporate Debtor by protecting the Corporate Debtor from its management & from a death by liquidation- Arokiasamy Joseb Raj Vs. Pathukasahasram Raghunathan Raman & Ors. – NCLAT Read Post »

Once an insolvency professional is appointed to manage the company, the erstwhile directors who are no longer in management, obviously cannot maintain an appeal on behalf of the company- Innoventive Industries Ltd. Vs. ICICI Bank & Anr.- Supreme Court

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First Landmark judgment of Hon’ble Supreme Court covering all aspects of IBC.

Once an insolvency professional is appointed to manage the company, the erstwhile directors who are no longer in management, obviously cannot maintain an appeal on behalf of the company- Innoventive Industries Ltd. Vs. ICICI Bank & Anr.- Supreme Court Read Post »

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