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Judgment
IA No.202/2022
The present application has been filed under Regulation 44(2) of the Liquidation Process Regulations seeking extension of one-year period w.e.f. 15th July, 2022.
According to Ld. Counsel for the applicant, the matter has been considered before the fourth meeting of the Stakeholders’ Consultation Committee which was convened on 24th April, 2022, that extension should be sought for completion of the liquidation process as the petition under Section 9 of the Code has been filed by the Liquidator before the Chandigarh Bench against one of the debtors and the notice has already been issued to the other side and the next date of hearing is fixed on 7th December, 2022. The said petition may take some time for admission. The one-year period of the liquidation process is already expired on 14th July 2022. The matter could not be taken up due to paucity of time. The application is supported by an affidavit.
Keeping in view the facts and circumstances, the present application is allowed in the interest of justice and extension of one-year period of liquidation process is granted for completion of the same. The said period would commence w.e.f. 15th July, 2022.
Accordingly, IA No.202/2022 is allowed and disposed of.