2021 (7) TMI 618

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.....P.(IB) No. 12/10/HDB/2017 filed by Corporate Applicant and ordered initiation of Corporate Insolvency Resolution Process by appointing Mr. Devendra Padamchand Jain as Interim Resolution Professional who was later confirmed as Resolution Professional in the 1st COC meeting held on 15.03.2017. When no resolution plan came forth, the Committee of Creditors resolved to liquidate the Corporate Debtor. Following which, this Tribunal on 24.08.2017 passed an order in IA No. 142/2017 for liquidating the Corporate Applicant Company. The Applicant/Mr. Mr. TSN Raja was appointed as Liquidator of M/s. VNR Infrastructures Limited on 21.09.2017. a) That the Corporate Debtor i.e., VNRIL was having about 89 projects in various stages of execution with approximate value of Rs. 300 crores. Some of the projects are being executed by the Sub Contractors where M/s. VNR Infrastructures Limited has offered Bank Guarantees for credit facilities. Majority of these projects are with Indian Railways. b) That the Liquidator explored the possibility of disposing the intangible assets of the Corporate Debtor by releasing EOI 3 times during 2018 and 2019 post amendment to the liquidation proces....

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....ut the clubbing of the sale of furniture along with the Company and adjusted the Reserve Price to Rs. 4.437 crores. None of the bidders objected to the clubbing. That e-auction was conducted on 09.03.2020 and the highest bid received was Rs. 12.43 crores against the set revised Reserve Price of Rs. 4.437 crores. 3. The averments made in the Additional Affidavit filed on behalf of the Liquidator are as under: a. It is averred that the tender documents specifically states certain "Special Terms & Conditions" which are as under: "B. Special Terms & Conditions: ... 3. List of Contracts in Progress, live BGs, BG invoked pending payment by the Bankers (Certain BGs where Invocation were preferred by the Railway were not paid by the Bankers, since Stay was granted by the Judiciary), details of FDs offered as margin money for the BGs etc. will be made available to the intended Bidder on obtaining Non-disclosure Agreement. ... 6. Responsibility for the Bank Guarantees as on the date of transfer for all ongoing works will be that of the buyer. 7. Any amount received from the Terminated Contracts by way of Bill payments etc. wil....

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....ce dated 18.02.2020 for sale of the Corporate Debtor as a going concern for a reserve price of Rs. 4.39 crores and the e-auction was conducted on 09.03.2020. The Respondents herein won the bid for Rs. 12,43,70,000/- and confirmed the sale vide Letter No. VNRILL/03-20/1280, dated 09.03.2020 and requested to deposit Rs. 3,10,92,500/- being 25% of the sale consideration including EMD. iii. That in reply to the averments made in para 6 and 7 of the Application it is submitted that Respondents purchased the Corporate Debtor as a going concern in Liquidation with the assets of description Company Credentials, Receivables by Arbitration or any other mode, Contracts including work in progress on as is where is basis on the date of issuance of the sale notice i.e., on 18-02-2020 and the Applicant/Liquidator himself agreed that the Arbitration cases filed by the Corporate Debtor are at various stages of hearing and an appeal is also pending before Commercial Court. It is pertinent to mention here that the sale of the Corporate Debtor happened on 18-02-2020 now after a lapse of 15 months it is just and reasonable on the part of the Respondents to know the status of the cases filed an....

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....ii. That in reply to averments made in para 3(d) it is submitted that it is true that Applicant/Liquidator is the sole representative of the Company in Liquidation for that reason only the answering Respondent is requesting the Applicant/Liquidator to furnish the information as directed by this Adjudicating Authority. viii. That the averments made in para 4 of the Application are strongly denied and the Applicant/Liquidator till now not complied with the Orders of this Adjudicating Authority in IA No. 843/2020, therefore the Applicant/Liquidator may be directed to comply with the Order of this Adjudicating Authority before confirming the sale made by the Liquidator. ix. That the Respondents purchased the Corporate Debtor as a going concern and for any going concern unit filing of necessary returns before the tax authorities in due time is very much essential and if the losses are not carry forwarded by filing the appropriate Tax Returns the Respondents will suffer huge irreparable loss. x. That as the Applicant/Liquidator sold the Corporate Debtor as a going concern it is imperative on the part of the Applicant/Liquidator to file the Income Tax Returns an....