The Tribunal, on an interim application by the Liquidator of the respondent company, granted a sixty-day extension to complete the liquidation process, owing to the expiration of the initial timeline.
Extension of sixty days from 11.11.2022 to 10.01.2023 to complete the liquidation process.
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Item 6
NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH
IA 3446/2022 (New IA) IN C.P. (IB)/990(MB)2019
CORAM:
SH. SHYAM BABU GAUTAM JUSTICE P.N. DESHMUKH (Retd.) HON’BLE MEMBER (T) HON’BLE MEMBER (J)
HON’BLE MEMBER (J)
ORDER SHEET OF THE HEARING ON 18.11.2022
NAME OF THE PARTIES: - Jammu & Kashmir Bank Ltd Vs
Pan India Utilities Distribution Co. Ltd
Appearance (via video-conference): For Liquidator
: Devarajan Raman
Section 60(5), 7 of the IBC, 2016
ORDER
IA 3446/2022
This IA filed by the Liquidator of Pan India Utilities Distribution Co. Ltd. Seeking extension of sixty days time to complete the Liquidation Process. Ld. Counsel appearing for the Liquidator submits that the time expired on 11.11.2022. Hence to complete the Liquidation Process he seeks further sixty
days time to deal with the liquidation process in effective manner. Counsel further explain the reason for seeking extension. Accordingly, this Bench consider fit and proper to allow sixty days time commencing from 11.11.2022 to 10.01.2023 to complete the Liquidation Process. With the aforesaid observation the IA bearing no. 3446/2022 is allowed and disposed of.
Sd/Sd/-
SHYAM BABU GAUTAM JUSTICE P.N. DESHMUKH Member (Technical) Member (Judicial) Jagdish
1 issue framed by the court
Whether the Liquidator is entitled to an extension of time to complete the liquidation process.
1 provisions across 1 enactments
Jammu & Kashmir Bank Ltd
Pan India Utilities Distribution Co. Ltd
Shyam Babu Gautam
P. N. Deshmukh
Jagdish
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
