The case involves an application (New IA/4373/2024) filed by the Liquidator seeking an extension for the continuation of the liquidation process under Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016. The Adjudicating Authority had previously granted a six-month extension effective from February 2, 2024, with a clear indication that no further extension would be granted. Despite this, the Stakeholders Consultation Committee passed a resolution ignoring the Adjudicating Authority's observation.
Indian Overseas Bank initiated a case against M/s. JMD Oils Pvt. Ltd. under Section 7 of the IBC in liquidation. The Liquidator filed an application (New IA/4373/2024) seeking an extension for the liquidation process, citing Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016. The Adjudicating Authority had previously granted a six-month extension effective from February 2, 2024, with a clear statement that no further extensions would be permitted. The Stakeholders Consultation Committee passed a resolution ignoring this observation. The matter was pending before a higher authority for adjudication.
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The Adjudicating Authority granted a six-month…
Date of the previous order where the…
The case involves an application (New IA/4373/2024) filed by the Liquidator seeking an extension for the continuation of the liquidation process under Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016. The Adjudicating Authority had previously granted a six-month extension effective from February 2, 2024, with a clear indication that no further extension would be granted. Despite this, the Stakeholders Consultation Committee passed a resolution ignoring the Adjudicating Authority's observation.
Indian Overseas Bank initiated a case against M/s. JMD Oils Pvt. Ltd. under Section 7 of the IBC in liquidation. The Liquidator filed an application (New IA/4373/2024) seeking an extension for the liquidation process, citing Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016. The Adjudicating Authority had previously granted a six-month extension effective from February 2, 2024, with a clear statement that no further extensions would be permitted. The Stakeholders Consultation Committee passed a resolution ignoring this observation. The matter was pending before a higher authority for adjudication.
The Adjudicating Authority granted a six-month…
Date of the previous order where the…