2024 (5) TMI 1002 - SCH - Insolvency and Bankruptcy

Appeal Dismissed: Court Upholds Liquidator's Actions in Punjab Basmati Rice Ltd Case, No Interference Needed.

The SC dismissed the appeal against the order concerning the liquidator's actions, determining no interference was warranted. The Court clarified that the ... Calculation of fees eligible to the liquidator - time period consumed by the Liquidator in the liquidation process, after considering the eligible exclusions granted by the Adjudicating Authority - exclusion of period of stay granted - it was held by NCLAT that 'The Adjudicating Authority erred in granting exclusion the period consumed in adjudication of subject IAs, instead of period consumed while auction was under stay.' HELD THAT:- No interference is called for with the impugned order - Appeal dismissed. Issues Involved: Appeal against an order regarding the liquidator's actions in a specific case.Summary:The Supreme Court, comprising Hon'ble Mr. Justice Abhay S. Oka and Hon'ble Mr. Justice Ujjal Bhuyan, heard the appeal. The appellant was represented by a team of senior advocates and advocates. The Court, after considering the arguments presented, concluded that no interference was necessary with the impugned order. However, the Court clarified that the order did not reflect on the capabilities of the appellant, who served as the liquidator of Punjab Basmati Rice Limited. The appeal was dismissed based on the above observations.