The appeal concerns the extension of time for the liquidation process of GABS Megacorp Ltd. The appellant sought an extension, arguing that the time taken in prosecuting the application for extension was not considered. The 'Lenders and Stakeholders Committee' approved a waiver of interest. The NCLAT considered the exclusion of the period of judicial intervention in calculating the liquidation timeline.
GABS Megacorp Ltd. is undergoing a liquidation process. The appellant sought an extension of time for the liquidation process. The 'Lenders and Stakeholders Committee' approved a waiver of interest by 91.59% voting. The liquidation order was initially issued on 26-07-2019, with a completion date of 24-10-2020 as per Regulation 44. The period from 25th March 2020 to 21st December 2020 (271 days) was considered for exclusion based on the NCLAT order dated 03-12-2020. The period from 25-03-2020 to 03-09-2020 (162 days) was considered for exclusion based on the NCLT order dated 29-09-2020 read with 11-11-2020. The last date of the liquidation process was initially set for 22-07-2021, but was extended. The appellant had to pay Rs.1654.77 Crores minus any advance payment
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The appeal concerns the extension of time for the liquidation process of GABS Megacorp Ltd. The appellant sought an extension, arguing that the time taken in prosecuting the application for extension was not considered. The 'Lenders and Stakeholders Committee' approved a waiver of interest. The NCLAT considered the exclusion of the period of judicial intervention in calculating the liquidation timeline.
GABS Megacorp Ltd. is undergoing a liquidation process. The appellant sought an extension of time for the liquidation process. The 'Lenders and Stakeholders Committee' approved a waiver of interest by 91.59% voting. The liquidation order was initially issued on 26-07-2019, with a completion date of 24-10-2020 as per Regulation 44. The period from 25th March 2020 to 21st December 2020 (271 days) was considered for exclusion based on the NCLAT order dated 03-12-2020. The period from 25-03-2020 to 03-09-2020 (162 days) was considered for exclusion based on the NCLT order dated 29-09-2020 read with 11-11-2020. The last date of the liquidation process was initially set for 22-07-2021, but was extended. The appellant had to pay Rs.1654.77 Crores minus any advance payment
…Liquidation or…
Original date for…
Sign in to view related legal provisions.