The case involves an application filed by the Liquidator under Regulation 44(2) of the IBC (Liquidation Process) seeking an extension of the liquidation period for six months, effective from 2021-02-15, and to exclude a lockdown period of 149 days (from 2020-03-29 to 2020-08-25) from the liquidation timeline. The Corporate Insolvency Resolution Process (CIRP) was initiated by Federal Bank Limited (Financial Creditor) against Seabird Seaplane Private Limited (Corporate Debtor) and was admitted on 2019-07-23. Liquidation proceedings were initiated on 2019-09-19, and the Applicant was appointed as Liquidator. Due to the Covid-19 pandemic and nationwide lockdown, the liquidator was restricted from taking further actions, leading to the application for extension.
Federal Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Seabird Seaplane Private Limited. The CIRP application was admitted on 2019-07-23. Subsequently, liquidation proceedings were initiated on 2019-09-19, and a liquidator, Shri Kizhakkekara Kuriakose Jose, was appointed. Regulation 44 of the IBBI (Liquidation Process) Regulations, 2016, mandates the liquidator to liquidate the Corporate Debtor within one year from the liquidation commencement date, i.e., by 2020-09-19. However, the Covid-19 pandemic and nationwide lockdown imposed by the government from 2020-03-29 to 2020-08-25 (149 days) disrupted the liquidation process. Consequently, the liquidator filed an application under Section 44(2) of the IBC Liquidation Process Regulation 2016
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The case involves an application filed by the Liquidator under Regulation 44(2) of the IBC (Liquidation Process) seeking an extension of the liquidation period for six months, effective from 2021-02-15, and to exclude a lockdown period of 149 days (from 2020-03-29 to 2020-08-25) from the liquidation timeline. The Corporate Insolvency Resolution Process (CIRP) was initiated by Federal Bank Limited (Financial Creditor) against Seabird Seaplane Private Limited (Corporate Debtor) and was admitted on 2019-07-23. Liquidation proceedings were initiated on 2019-09-19, and the Applicant was appointed as Liquidator. Due to the Covid-19 pandemic and nationwide lockdown, the liquidator was restricted from taking further actions, leading to the application for extension.
Federal Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Seabird Seaplane Private Limited. The CIRP application was admitted on 2019-07-23. Subsequently, liquidation proceedings were initiated on 2019-09-19, and a liquidator, Shri Kizhakkekara Kuriakose Jose, was appointed. Regulation 44 of the IBBI (Liquidation Process) Regulations, 2016, mandates the liquidator to liquidate the Corporate Debtor within one year from the liquidation commencement date, i.e., by 2020-09-19. However, the Covid-19 pandemic and nationwide lockdown imposed by the government from 2020-03-29 to 2020-08-25 (149 days) disrupted the liquidation process. Consequently, the liquidator filed an application under Section 44(2) of the IBC Liquidation Process Regulation 2016
…The Application for Corporate Insolvency…
Liquidation Proceedings were initiated against…
Sign in to view related legal provisions.