TaxTMI 
TaxTMI 
2021 (6) TMI 350
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.... 1. IA (IB) No. 470/KB/2021 is an application filed by West Bengal Tourism Development Corporation (WBTDC) seeking following directions:- (a) Additional time of 4 months over and above the time provided thereunder the said order dated 18 February 2021, for the Applicant to consider the offer of the Respondent Liquidator, be given; and (b) Directions for stay be served on the Respondent Liquidator against proceedings with the invitation for EOI and accepting EOIs from prospective investors during such additional period of 4 months. 2. Mr. Kishore Dutta, learned Advocate General appearing for the applicant, led us through the compelling circumstances in which the present application came to be filed. He stated that Wes....
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....TAGE V In case of refusal, the liquidator shall be at liberty to sell the said shares in the manner in which he earlier sought to carry out. - 4. With regard to this, Mr. Kishore Dutta submitted that the liquidator has now arrived at stage IV wherein he has offered the said shares to the applicant and WBIDC through his letter dated 31.03.2021, Annexure-B at pages 44 to 71 accompanied by valuation report prepared by the registered valuer. As per the valuation report, the recommended fair value of shares is Rs. 44.91 each. Therefore, the total value for 1,17,00,000 (One crore seventeen lakh) shares amount to Rs. 52,54,47,000/- (Rupees fifty-two crore fifty-four lakh forty-seven thousand only). 5. The Applicant is run under the aeg....
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.... policy decision could be taken by the State Government during this time. Further, the entire decision-making apparatus is caught up with the elections in various capacities, assisting the Government to render all assistance to the Election Commission of India to conduct a smooth and safe election. 8. The acquisition of the shares in question will require a grant of Rs. 52,54,47,000/- (Rupees fifty-two crore fifty-four lakh forty-seven thousand only) from the Government of West Bengal either by way of sanction from the departmental discretionary fund or by way of financial grant, neither of which is permissible to be carried out till the completion of the elections. 9. The state cabinet was not in a position to deliberate upon and dec....
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....omotion of NPRL over the years. The Applicant, even though interested, is unable to consider the said offer due to the aforementioned circumstances. The NPRL has been conceived and operated in the public interest, therefore, it is imperative that the Applicant be given fair chance and timeline for consideration of the said offer to acquire the shares in NPRL. 13. The Adjudicating Authority may grant an additional eight weeks'- Though the time sought for in the application is four months and that in the supplementary Affidavit dated 11.05.2021 is eight months, while hearing Mr. Kishore Dutta, learned Advocate General appearing on behalf of the Applicant prayed for eight weeks only. time to the Applicant herein. It would not cause prej....
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....ut the steps that have been taken by the Applicant in these many days towards buying the shares, the Applicant submitted that it would file a supplementary affidavit in that regard. However, although a supplementary affidavit has been filed, nothing with regard to the steps taken towards buying the shares is mentioned in it. 17. The behaviour of the Applicant only proves that the Applicant only intends to delay the liquidation process. Having said that, the Liquidator's acts are subject to the directions from this Adjudicating Authority, the Liquidator shall abide by whatever directions the Adjudicating Authority passes, Mr. Joy Saha submitted. 18. We have heard Mr. Kishore Dutta, learned Advocate General appearing for the applica....