TaxTMI 
TaxTMI 
2022 (6) TMI 172
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....rma (R1- Liquidator) Mr. Sumant Batra, Ms. Apoorva Choudhury, Advocates for R4. Mr. Pranay Agrawala, Advocate for R6. JUDGMENT Ashok Bhushan, J. 1. These Appeals have been filed against the two orders passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-II dated (i) 26.04.2021 in I.A No. 3150/2020 filed by the Liquidator, (ii) order dated 07.03.2022 passed in I.A No. 3770/2020 filed by 'Mahalaxmi Continental Limited' by which order Application for submitting a Scheme under Section 230 of the Companies Act, 2013 was withdrawn. 2. 'M/s. Alloys & Metals (India)'- Operational Creditor filed an Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("Code" for short) seeking rec....
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.....01.2020, the Liquidator issued a Public Announcement inviting Expression of Interest from bidders for selling certain non-core assets of the Corporate Debtor. On 18.02.2020, this Tribunal granted time for consideration of the Schemes under Section 230 of the Companies Act, 2013 after 'Mahalaxmi Continental Limited' apprised the Court that they are interested in submitting a scheme for revival of the Corporate Debtor. The Liquidator on 03.03.2020 has made a Public Announcement inviting prospective bidders for submission of Scheme of Compromise or Arrangement under Section 230 of the Companies Act, 2013. Liquidator issued a fresh invitation on 09.06.2020 for submission of a Scheme under Section 230 along with a Process Document. On 29.06.202....
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....Rs.700 Crores. Further, e-auction notices were issued by the Liquidator where cumulative price was gradually reduced as per the Regulation. It was on 07.03.2022 that I.A 3770/2020 filed by 'Mahalaxmi Continental Limited' for consideration of Scheme under Section 230 of the Companies Act, 2013 was dismissed as withdrawn. On 28.03.2022, e-auction was held. In pursuance of the e-auction notice dated 03.03.2022, e-auction was held on 28.03.2022 where the bid of 'Assam Industrial Development Corporation' for Rs. 375 Crores was accepted and in pursuance of highest bid payment were also made by the highest bidder. 3. This Appeal was filed in this Tribunal on 24.03.2022 before holding of e-auction, in the Appeal, following prayers have been made....
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....ubmit any Scheme which they were ready and willing to submit offer of higher amount. It is submitted that the e-auction has been held on a partly sum of Rs.375 Crores whereas the Public Announcement on 01.06.2021 for a reserve price of Rs. 1139 Crores. 6. Learned Counsel appearing for 'Assam Industrial Development Corporation' submits that they are the highest bidder and they have already made the payment and distribution of the amount has already been undertaken. It is submitted that the Appellants have no locus to challenge both the impugned orders. 7. We have considered the submissions of the Learned Counsel for the parties and perused the record. 8. There has been earlier order of this Tribunal in Company Appeal (AT) (Ins.) No.....
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....ption can be taken to order dated 07.03.2022 and we see no reason to interfere with the order dated 07.03.2022 at the instance of the Appellants in the present Appeal. 10. Now coming to the impugned order dated 26.04.2021 by which Adjudicating Authority while deciding IA 3150/2020 filed by the Liquidator has observed that the Liquidator is well advised to proceed as per the directions given by this Tribunal in Company Appeal (AT) (Insolvency) No. 585/2019. The Adjudicating Authority in the impugned order has noticed the interest shown by 'Mahalaxmi Continental Limited' and other steps for obtaining a Scheme under Section 230. In paragraphs 27 to 30, Adjudicating Authority has observed:- "27. In the light of the submissions, now ....
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....ection already given by the Hon'ble NCLAT. Accordingly, the prayer of the Applicant (Liquidator) is hereby rejected." 11. When no Scheme could be submitted or approved under Section 230, there was no option left to the Adjudicating Authority except to direct the Liquidator to proceed further in the liquidation process. The Appellate Authority while considering the Appeal filed against the order of the Liquidation has clearly stated that the Appellate Authority is not inclined to interfere with the impugned order dated 02.05.2019 which observation was made in Company Appeal (AT) (Ins.) No. 585 of 2019 as noted in paragraph 27 of the Adjudicating Authority order. The mere fact that the Appellants in this Appeal claims that they are int....