TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>NCLAT Directs Halt on Sale Certificate Issuance for Corporate Debtor Sold as 'Going Concern' in E-Auction.</h1> <h3>STCI Finance Ltd. Versus IMP Powers Ltd. & Ors.</h3> STCI Finance Ltd. Versus IMP Powers Ltd. & Ors. - TMI The National Company Law Appellate Tribunal, New Delhi, considered an appeal against an order dated 22.04.2024 regarding an E-Auction Sale Notice published by the Liquidator for the sale of a Corporate Debtor as a 'going concern.' The Appellant sought various reliefs, including setting aside the sale notice, directing the realization of secured assets, extending the time period for payment, staying the sale of secured assets, and other appropriate orders.The Tribunal noted that the sale had already been conducted but restrained the Adjudicating Authority from issuing the sale certificate and distributing the proceeds. The Liquidator filed an application proposing to pay the Appellant a specific amount out of the admitted claim from the bid proceeds. The Liquidator's application detailed the sale of assets, admitted claims, and proposed payments to secured lenders.Considering the Liquidator's offer to pay a specific amount to the Appellant, the Tribunal found no need to address the issues raised in the appeal. The Tribunal disposed of the appeal without delving into the merits, emphasizing that the amount had been deposited by the Successful Bidder, and the distribution had been determined. The Tribunal suggested that the Adjudicating Authority could consider issuing directions for the issuance of the sale certificate.In conclusion, the Tribunal disposed of the appeal based on the Liquidator's offer to pay a specific amount to the Appellant, without addressing the underlying issues. The Tribunal highlighted the crystallization of the distribution amount and suggested the Adjudicating Authority consider issuing directions for the sale certificate.
TaxTMI 