TaxTMI 
TaxTMI 
2021 (11) TMI 195
X X X X Extracts X X X X
X X X X Extracts X X X X
....ratifying and confirming the e-auction sale of the Lot - 1 assets of the Corporate Applicant comprising of Gala Nos. 272, 273, 274 and 275, 2nd Floor, B-Wing, Sanjay Building No. 5, Akshay Mittal Industrial Premises Co-Op Society Ltd. (hereinafter referred to as the "said Lot-1 asset") and Lot - 2 asset of the Corporate Applicant, comprising of Land & Building Known as P&S Corporate House situated on Plot No. A 56, Road No. 1, Marol Industrial Estate, MIDC, Andheri (E), Mumbai - 400093 (hereinafter referred to as the "said Lot - 2 asset"), in favour of the successful bidder(s), Mr. Hitesh Vasantlal Bhanushali and parties acting in concert for Lot - 1 asset and M/s. Jain International Trade Organisation for Lot - 2 asset, in E- auction held ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed therein to further reduce the Reserved Price of Lot - 1 asset to Rs. 3.10 crores and Lot - 2 assets to Rs. 36.25 crores, respectively. Accordingly, the Applicant issued another E-Auction sale notice dated 23.01.201 for the E-Auction scheduled to be held on 11.02.2021. Thereafter, E-Auction scheduled to be held on 11.02.2021 was further postponed and it was then decided to extend the date of submission of EMD till 23.02.2021 and accordingly the E-Auction was then scheduled to be held on 26.02.2021. In connection to the said development, the Applicant herein had issued a Corrigendum dated 06.02.2021, to the earlier E-Auction sale notice dated 23.01.2021. In the said E-Auction held on 26.02.2021, successful bids were received for both Lo....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (12) On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within fifteen days of the date when he is invited to provide the balance sale consideration. On payment of the full amount, the sale shall stand completed, the liquidator shall execute certificate of sale or sale deed to transfer such assets and the assets shall be delivered to him in the manner specified in the terms of sale. (12) On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days of the date of such demand: Provided that payment made after thirty days shall attract interest at rate of 12% Provided further that the sale shall be cancelled if the payment....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s likely to deteriorate in value significantly if not sold immediately; (c) the asset is sold at a price higher than the reserve price of a failed auction; or (d) the prior permission of the Adjudicating Authority has been obtained for such sale: Provided that the liquidator shall not sell the assets, without prior permission of the Adjudicating Authority, by way of private sale to- (a) a related party of the corporate debtor; (b) his related party; or (c) any professional appointed by him. (3) The liquidator shall not proceed with the sale of an asset if he has reason to believe that there is any collusion between the buyers, or the corporate debtor's related parties and buyers....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he concerned amendment in Regulation was brought in. Reference has been made to other amendments also which were made when Gazette dated 25.07.2019 was published. Then there is Circular dated 26.08.2019 which may in the present matter be referred which reads as follows:- "Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/LIQ/024/2019 26th August, 2019 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI) Dear Madam / Sir, Sub: ....