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

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