TaxTMI 
TaxTMI 
2020 (6) TMI 254
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....ssed by the learned Tribunal at Kolkata, no communication was made by the Registry to the Corporate Debtor. 3. It is stated that pursuant to the aforesaid Order, when the Applicant came to know regarding the proposed sale of the property mentioned in Schedule-A and Schedule-B to the Interim Application fixing the date to 27-6-2019, they downloaded the e-auction notice dated 6-6-2019 and the corrigendum issued on 11-6-2019 from the website https://ncltauction.auctiontiger.net. Therein, the reserve price of property-A was fixed at 9.48 Crore and Property-B at Rs. 3.88 Crore, whereas in corrigendum the reserve price of property-A was subsequently fixed at Rs. 3.21 Crore and Property-B at Rs. 10.14 Crore respectively. Copy of the sale notices published in daily newspaper "THE FINANCIAL EXPRESS" dated 6-6-2019 and 11-6-2019 have been marked and annexed as Annexure-1 and 2 to the Application. Applicant has alleged that the proposed sale of the property is at a rate even lower than the bench mark valuation and that the property valued at Rs. 9.48 crore published on 6-6-2019 has been suddenly lowered to Rs. 3.21 crore in the corrigendum issued on 11-6-2019 and the other property (schedule....
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.... for the Financial Creditor subsequently filed affidavit of compliance, which was taken on record. Affidavit of compliance shows that the Financial Creditor has served the notice on the Corporate Debtor through e-mail and also made a paper publication of Notice in "Nabha Bharat" and "Indian Express". The above prima facie, suggest that the Notice was served on the applicant. 7. Vide Order dated 15th February, 2018 the Hon'ble Kolkata Bench, had Ordered to start Corporate Insolvency Resolution Process against the Corporate Debtor and allowed the name and registration number of the proposed Interim Resolution Professional Mr. Pinaki Sircar, an Insolvency Professional registered with the ICSI Insolvency Professionals Agency having Registration No. IIBI/PA-002/IP-N00063/2016-17/10141 of 31/7, and address N.C. Chowdhury Road, Kolkata-700042 and E-mail [email protected]. Subsequently, IRP had submitted to the Committee of Creditors in its meeting held on 15-3-2018, which with a vote share of 100%, confirmed the appointment of Interim Resolution Professional as Resolution Professional (RP). It is evident from the Order dated 10th August, 2018 of Hon'ble NCLT, Kolkata Bench, t....
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.... Liquidator stated that at the time of publishing of the sale notices on 6th June 2019, inadvertently, there were some typographical errors in the reserve prices for the properties. The same were immediately corrected and the revised notices with correct reserve prices were published along with a Corrigendum dated 11th June 2019. He stated that the auction of Property A on 26th June 2019 was proceeded with on the basis of the correct reserve price as published in the corrigendum. The valuation of the properties of the Company in liquidation was done in accordance with the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. He denied that the alleged benchmark valuation of the properties as annexed to the application can be relied upon or taken into consideration at all. It is stated that the present proceedings are under the Insolvency and Bankruptcy Code, 2016 wherein Section 238 clearly states that provisions of the Code shall have an overriding effect over any other law. Section 238 of the Insolvency and Bankruptcy Code, 2016 is as follows: "The Provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in....
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....tage where the auction of the property has already taken place and the sale proceeds are about to be realised. The auction was conducted in accordance with Schedule I of the Insolvency and Bankruptcy Board of India Regulations (Liquidation Process), 2016 for which requisite public notice was given. The Reserve Price of the assets are as per the regulations and as per the provisions of the Insolvency and Bankruptcy Code, 2016. 13. Liquidator has stated that there is no requirement of any personal notice to the Applicant (in Liquidation) and in any event, the Applicant having been absent from the proceedings since initiation cannot be permitted to approach the Tribunal, for any reliefs whatsoever. He has denied that the sale shall adversely affect the interest of any one or that in the interest of Natural Justice applicant ought to have been consulted while fixing the reserve price. As stated, the reserve price of the assets of the Company in Liquidation has been fixed in accordance with the extant Rules and Regulations as it ought to have been and there has been adequate publicity, primarily through newspaper publications. The notices were published in accordance with law and that ....