TaxTMI 
TaxTMI 
2022 (5) TMI 638
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....uccessful bidder/auction purchaser for seeking following reliefs: (a) "Allow the Applicant to pay/adjust the Sale consideration in the following manner (i) INR 50 Crore/- by way of investment into the equity shares of the Corporate Debtor; and (ii) the balance amount of INR 23 Crore/- in the form of Optionally Convertible Debentures; (b) Direct the Liquidator to ensure that the Applicant immediately upon payment of the entire Sale Consideration, get all the rights, title and interest in the whole and every part of the Corporate Debtor, including but not limited to contracts, free from security interest, encumbrance, claim, counter claim or any demur, and the Sale Consideration shall be distributed by the Liquidator in terms of the Section 53 of the Code; and (c) Direct that on and from the Date of Acquisition, all the claims or demands made by, or liabilities or obligations owned or payable to any actual or potential creditors of the Corporate Debtor including the Government Dues (including but not limited to liabilities, interest and penalties, duties, etc. on account of income-tax, tax deduction at source, tax collection at source, goo....
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.... Act, 2013, and direct the registrar of Companies to do all such acts, deeds and things that are necessary to appoint the following individuals as directors of the Corporate Debtor, who are individuals recommended by the Applicant, in order to enable the Corporate Debtor to file relevant returns required by applicable law; i. AdisheshNarain ii. AnirudhNarain iii. She etal Yadav iv. Independent Director. v. Yogesh Gupta (j) Direct that all subsisting consents, licenses, approvals, rights, entitlements, benefits and privileges whether under law, contract, lease or license, granted in favour of the Corporate Debtor or to which the Corporate Debtor is entitled to shall, notwithstanding any provision to the contrary in their terms and irrespective of the commencement of the insolvency/liquidation proceedings under the Code, in relation to the Corporate Debtor be deemed to continue without disruption, for the benefit of the Corporate Debtor and all additional licenses, registrations and consents required by the Corporate Debtor be made available immediately from the Date of the Acquisition; and (k) Direct that the Corporate D....
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....a period of 5 (five) years from the Date of Acquisition; and (r) Direct that the bid submitted by the Applicant should be considered to be a resolution plan under Section 79 of the Income Tax Act, 1961; and (s) Direct the State Industrial Corporation of Uttaranchal Limited ("SICUL") to transfer the lease dated 20 March 2006 in the name of the Applicant in place of Era Metal Building Systems Limited; and (t) Direct SICUL to transfer the lease dated 20 March 2006 in the name of the Applicant in place of Era Metal Building Systems Limited by waiving off any transfer fees/charges; and (u) Direct SICUL to waive of any past lease rental or any other payments due to it under the lease dated 20 March 2006 executed between it and Era Metal Building Systems; and (v) Direct the Maharashtra Industrial Development Corporation ("MIDC") to transfer the lease dated 18 August 2008 in the name of the Applicant in place of Era Metal Building Systems Limited; and (w) Direct MIDC to transfer the lease dated 18 August 2008 in the name of the Applicant in place of Era Metal Building Systems Limited by waiving off any transfer fees/charges; and ....
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....present application and permit the Liquidator i.e. the Applicant to cancel the Sale of Corporate Debtor as a going concern in view of the failure of Respondent to make payment in terms of 2nd proviso to Clause 1 (12) under Schedule I of the Liquidation Process Regulations, 2016; and b) Consequentially, grant further time to the Applicant to conduct a fresh E-Auction in the matter of the Corporate Debtor as a going concern, which is in the interests of the Stake holders and for maximization of value of assets of the Corporate Debtor under Regulation 32A of the Liquidation Process Regulations, 2016; c) Pass any other or such further order(s) as may be deem fit and necessary in the facts and circumstances of the case; 2. The matter was listed today and the Ld. Counsel for the Respondent/Auction Purchaser submitted NCLAT judgment dated 08.12.2021 in the case of Prakash Chandra Kapoor and Ors. u. Vijay Ku mar Iyer, Liquidator at Deloitte Touche Tohmatsu India LLP and Ors., M-2484 of 2021 in Company Appeal (AT) (Insolvency) No. 140 of 2021, Company Appeal (AT) (Insolvency) No. 165 of 2021 and lA-2346 of 2021 in Company Appeal (AT) (Insolvency) No. 243 of 2021 wherein....