2020 (3) TMI 87

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....vices Limited and M/S Sonar Bangla Career Academy Private Limited filed this application for setting aside the auction sale of the Corporate Debtor, M/S Impex Metals and Ferro Alloys Limited (In Liquidation) and also for further directions to the Liquidator of the Corporate Debtor to hold an open auction afresh allowing them to participate in. 2. The following facts are not in dispute:- 2.1. By order dated 25.04.2019, this Adjudicating Authority passed order of liquidation of the Corporate Debtor. The Liquidator was directed to sell the Corporate Debtor as a going concern as per Regulation 32(c) of Insolvency and Bankruptcy Board of India (Liquidation Process, Regulation) 2016. 2.2. Pursuant to the above order, Ld. Liqu....

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....he  Corporate Debtor. He may be permitted to withdraw from the process. The Ld. Senior Counsel appearing for the Applicants immediately gave counter offer stating that applicants are ready to purchase the Corporate Debtor for sum of Rs. 70 Crores. 5. Since Successful Bidder wishes to withdraw the offer an as the Applicants offered more sum than the bid price offered by the Successful Bidder, we directed the Liquidator to consider the offer of the Applicants. We also directed the applicants to file affidavit stating payment schedule in detail. Accordingly, the applicant filed detailed affidavit dated 03.09.2019, stating payment schedule as below:- (i) 10% of offered amount i.e. Rs. 7,00,00,000/- (Rupees Seven Crores Only) wi....

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....r to purchase the Corporate Debtor for sum of Rs. 70 Cr res. We hold that this offer of enhanced bid amount is in tune with the object of the Insolvency and Bankruptcy Code, 2016 i.e. maximization of the assets of the Corporate Debtor. Hence, we direct the Liquidator t accept the bid of the applicants and proceed to pass the following order. ORDER i. The Liquidator to accept bid of applicants, /s Sova Electrocasting Limited, M/S Typhoon Financial Services Limited and M/ Sonar Bangla Career Academy Private Limited for sum of Rs. 70,00,00,000/- (Rupees Seventy Crores) as a sale price of the Corporate Debtor, Impex Metal and Ferro Alloys Limited. ii. The applicants shall make payment of bid amount in following manner:- ....