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Judgment
ORDER
Learned counsel for the Applicant/Liquidator as well as the counsel for the Respondent are present. Liquidator is present, in person. Counsel for the Liquidator represented that this application has been filed under Section 60 of IBC, 2016 and 44(1) & (2) of Liquidation Process) Regulations, 2016. It is further represented that the present liquidator was appointed by this Tribunal vide its order dated 05.12.2019 for the period of one year to complete the liquidation process of the company in liquidation. Though the applicant was appointed on 05.12.2019, on account of non-cooperation from earlier liquidator, the applicant could not complete the process of liquidation within the period of two years which originally started from 24.01.2018 and that the period of two years expired on 23.01.2020. In the meeting of stakeholders held on 21.01.2020 it was decided to request the applicant to apply for extension of period of liquidation as contemplated in rule 48 of Liquidation Process Regulations. In the circumstances, taking into consideration the representation and averments made in the application, CIRP time limit is extended for a further period of one year from 23.01.2020.
Accordingly this application is allowed.