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Judgment
18.03.2025: When the appeal is taken, learned counsel for the respondent made a request for further time. The liquidator, who appeared was allowed time on 23.01.2025 to file a reply. Subsequently again on 28.02.2025 liquidator appears and granted two weeks time as a last opportunity. On 28.02.2025, we have passed the following order:
“Learned counsel for the Liquidator prays for and is allowed, as last opportunity, two weeks’ time to file Reply.
As prayed, list this appeal on 18.03.2025.”
Today when the case is called, learned counsel for the respondent again makes a request for further time. When the twice time has been allowed to the liquidator and on the last date on 28.02.2025 we had granted last opportunity, we are not persuaded to accept the prayer of the liquidator to grant further time. The prayer of liquidator to grant further time is rejected.
This appeal has been filed against an order dated 23.10.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Court – II, Kolkata) in I.A. No. 2010/KB/2024, by which order, Adjudicating Authority has extended the period of liquidation for a further period of 6 months.
Learned Sr. counsel Mr. Bose appearing for the Appellant submits that liquidator has been making repeated application for extension of liquidation period. Liquidation order was passed on 24.02.2020 and the liquidation has been extended from time to time and by the impugned order, liquidator has extended for further period of 6 months.
We have considered the submissions of counsel for the appellant and perused the record.
In para 11 of the order, Adjudicating Authority directed as follow:
“11. In the aforesaid backdrop we condone the delay of 14 days for filing of this present application and allow an extension for a period of 6 months and as such the liquidation process in relation to the Corporate Debtor is required to be completed on or before 24.04.2025. Further, the Liquidator shall make every endeavour to complete the liquidation process within the extended period and not to seek any further extension.”
The order passed by the Adjudicating Authority on 23.10.2024 has granted 6 months extension which is expiring on 24.04.2025. The period granted by the Adjudicating Authority in extension, substantially 5 months have passed and it is about one month period left in completion of the liquidation hence we are not persuaded to interfere with the impugned order passed by the Adjudicating Authority dated 23.10.2024.
We however notice that in para 11 Adjudicating Authority has directed that liquidator shall endeavour to complete the liquidation process within extended period of 6 months and not to seek any further extension.
Adjudicating Authority itself having directed that liquidator not to seek any further extension, we see no reason to interfere with the order. Subject to observations as made above, we dismiss the Appeal. Adjudicating Authority having already observed in para 11 that no further extension shall be sought by the liquidator, we see no basis for apprehension of the appellant that liquidator shall file another application.