AI Structured Summary
Not yet generated for this judgment
Judgment
IA No.147/2022
The present application has been filed under Section 60(5) of the Code seeking direction to the respondent to deposit the security amount of Rs.1,04,00,000/- (One Crores Four Lacs Only) and interest thereupon into the liquidation account maintained by the applicant for the Corporate Debtor.
However, it is brought to our notice by Ld. Counsel that an appeal is pending before the Hon’ble Supreme Court preferred by the Respondent/ PVVNL and that may have bearing upon the relief to be granted by this Bench and the hearing before the Hon’ble Supreme Court is fixed for tomorrow i.e. 29.11.2022. So let us wait for the decision of the Hon’ble Supreme Court.
Accordingly, list the matter on 31st January, 2023.
IA No.431/2022
The present application has been filed under Regulation 44(2) of the Liquidation Process Regulation seeking extension of six months to complete the liquidation process. The period of one year is expiring on 29th November, 2022. The reason assigned for the extension is that the Liquidator is unable to take up the further steps in the liquidation process on account of pendency for IA Nos.147/2022, 168/2022, 355/2022 and 383/2022 before this Bench and also W.P. (CRL) No.1848/2016 before the Hon’ble Delhi High Court.
Keeping in view the facts and circumstances mentioned in the application, which is also supported by an affidavit, it is fair and reasonable in the interest of justice, further extension of six months’ period is granted w.e.f. 30th November, 2022.
Accordingly, IA No.431/2022 is allowed and disposed of.