VDB Projects Private Limited filed an application (IA 1517/MB/2022) in CP (IB) 3558/MB/2018 seeking an extension of time to deposit unpaid consideration related to liquidation. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the IBBI (Liquidation Process) Regulations, 2016. The applicant stated that the extension was needed to ensure funds were obtained from FGRPL. The NCLT had previously directed the applicant to deposit the consideration vide order dated 2022-06-03, but the applicant failed to comply. The regulations prescribe a 90-day limit from the date of receipt of the Letter of Intent for the payment of sale consideration.

VDB Projects Private Limited filed an application (IA 1517/MB/2022) in CP (IB) 3558/MB/2018 seeking an extension of time to deposit unpaid consideration related to liquidation. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the IBBI (Liquidation Process) Regulations, 2016. The applicant stated that the extension was needed to ensure funds were obtained from FGRPL. The NCLT had previously directed the applicant to deposit the consideration vide order dated 2022-06-03, but the applicant failed to comply. The regulations prescribe a 90-day limit from the date of receipt of the Letter of Intent for the payment of sale consideration.