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Judgment
Per: SAMEER KAKAR, MEMBER (TECHNICAL)
This Application has been filed by the Ld. Liquidator with the following prayers:
a)An Order extending the time for completion of Liquidation by another (nine) months till 01.01.2023 or such other period as this Hon'ble Tribunal may deem fit and appropriate; and
b)Pass such further or other orders / reliefs as may be deemed fit and proper in the facts and circumstances of the case and thus render justice.
Vide order dated 13.07.2018 in MA/202/IB/2018, this Tribunal ordered liquidation of the Corporate Debtor. The Applicant herein was appointed as the Liquidator. Subsequent to that, vide order dated 05.10.2021 in IA/456/2021, the liquidation period of the Corporate Debtor was extended till 01.04.2022.
It is seen that this Application has been filed on 30.09.2022. As such for the period between 02.04.2022 till the date of this order, the Liquidator has functioned without the liquidation period being extended by this Tribunal and thus without authority. Moreover, it is seen that there is no specific prayer in this Application for condonation of the delay for belated filing of the present Application. The matter was heard on 01.11.2022 when the Ld. Liquidator was not present and the matter was again posted for hearing on 02.11.2022. During the hearing on 02.11.2022, when question was posed by this Bench to the Ld. Liquidator for the reasons of delay in filing this present application and thereby lapse on the part of Liquidator to obtain extension of liquidation period, the Ld. Liquidator could not come up with any satisfactory answer except stating that the matter was handed over to a Counsel (name not disclosed) who failed to file the Application seeking extension of the Liquidation Period and Liquidator was under impression that steps are taken to file application. He agreed that thereafter he could not follow up and further accepted that not filing an application for extension of liquidation period is a serious lapse on part of the Ld. Liquidator.
Ld. Liquidator was further posed a question during the hearing as to how many assignments under IBC are being handled by the Ld. Liquidator as of now. Ld. Liquidator replied that including the present assignment, he is handling nearly 17 other assignments.
Be that as it may, in para 6 of Application, it is seen that the Corporate Debtor does not own any asset which are to be liquidated and the statutory procedures envisaged under the Code is also on the verge of completion. Further, the Applicant Liquidator had initiated required steps to file appropriate application seeking for dissolution of the Corporate Debtor.
Taking in to consideration, the averments made in the Application, the liquidation period of the Corporate Debtor is hereby extended for a further period of 6 months from the date of this order also covering the period of liquidation lapsed before this order without any order of extension of Liquidation. Liquidator is directed to complete the liquidation process within the extended period of liquidation.
The Registry of this Tribunal is directed to mark a copy of this order to IBBI who in turn may investigate the lapse on part of the Ld. Liquidator in the matter.
Accordingly, IA(IBC)/1078(CHE)/2022 in CP/644/IB/CP/2017 is allowed and disposed of.