2020 (3) TMI 90

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....ar Gupta, Technical Member S.K Bhattacharyya, Rajesh Dutta, Sidhartha Sharma, Ujjaini Chatterjee, Pranit Bag and B.K. sen, Advs. for the Appellant. Aajay Gaggar, Ramanuj Ray Chaudhuri, Subhra Chattopadhyay and Nikita Jhunjhunwala, Advs. for the Respondent. ORDER Ld. Liquidator appeared. I-d. Counsel for the Liqudator appeared. Ld. Counsel for SBI appeared. I-d. Counsel for CA(IB)No.293/KB....

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....er of Rs. 68 Crore. Its bid was accepted by the Liquidator and that bidder deposited sum of Rs. (Rupees Seventeen Crore Six Lakh Twenty Five Thousand Only) i.e. 25% of the total price with the Liquidator. It is further seen from the record that when the Liquidator was in process to sell the Corporate Debtor to M/S. Maithan Alloys Limited, an application bearing no. CA(IB)No.796/KB/2019 is filed....

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....may be permitted to withdraw from the process and the Liquidator may be directed to refund its amount. Upon this, we directed the applicant in CA(IB)No.796/KB/2019 to give offer quoting bid price on affidavit and modality of the payment. Accordingly, on 07.09.2019, the applicant gave offer of Rs. 70 Crore. Since their offer was more than the offer by earlier successful bidder and it was more than ....

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....tween the Liquidator and Maithan Alloys Ltd. may not be cancelled. In our considered opinion, we have already permitted M/S Maithan Alloys Ltd. to withdraw from the process because we have accepted some good offer from the applicant in the applicants in CA(IB)No.796/KB/2019 are not complying the order passed by this Authority, they shall be dealt with separately but only for this reason the Liq....