TaxTMI 
TaxTMI 
2022 (6) TMI 721
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....ble Tribunal bearing No. CA (AT) (CH) (Ins.) No. 155 of 2021 against the Order dated 30th June, 2021 passed by the NCLT, Hyderabad Bench, in I.A. 233 and 234 of 2021 in C.P 277/9/HDB/2019. 3. This Hon'ble Tribunal after hearing the Counsel for the Appellant passed an order of 'status quo' till the next date hearing i.e. 18.08.2021. The 'status quo' order continued from time to time till date. 4. The grievance of the Applicant that this Hon'ble Tribunal pleased to direct maintaining of 'status quo' in relation to the liquidation process of the Corporate Debtor upon being satisfied that an options of an Interim Protection the Application of the Appellant for confirmation of its bid for Corporate Debtor as a going concern is likely to be rendered infructuous. 5. It is further submitted that the Liquidator had confirmed the sale of the plant and machinery in favour of M/s Umang Enterprises and has already commenced dismantling of the machinery and lifting of the same by the aforementioned bidder i.e. M/s Umang Enterprises on an itemized sale basis. It is submitted that such lifting would also render the likelihood of revival of the Corporate Debtor as a going concern impossibl....
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....t this Respondent committed contempt of this Hon'ble Tribunal or totally false and unfounded and they are made against this Respondent to intimidate him and also to generate pressure for deriving unlawful gain in the form of getting the assets of the Corporate Debtor at lower price to the detriment of all stake-holders. 12. It is submitted that the true facts are that the CD was ordered for liquidation by the Hon'ble NCLT Hyderabad Bench and the Respondent herein has been appointed as its Liquidator vide its Order dated 25.11.2020. The Respondent initially called for an e-auction for sale of the assets of the CD as a going concern vide an e-auction notice dated 25.01.2021 at a reserve price of Rs. 9,27,00,000/-. However, the e-auction failed for want of bidders. The Liquidator thereafter called for Second e-auction vide Notice dated 08.04.2021 for sale of assets of the CD and the e-auction was held on 08.05.2021. The Applicant/ Appellant participated in the Second e-auction and could not get the assets as the Liquidator with a view to maximise the value of the assets decided to sell them in piece-meal in accordance with the terms of the auction notice. While so, the sale of only....
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....bunal. 16. In view of the reasons as stated above, this Respondent has not violated the orders of this Hon'ble Tribunal and humbly prays this Bench to dismiss the Contempt Application with exemplary costs. Analysis/Appraisal: 17. Heard the Learned Counsel for the parties, perused the pleadings documents and citations relied upon by the respective parties. After hearing the Learned Counsel, the point felt for consideration is whether the Respondent violated Order of this Bench dated 20.07.2021 as alleged by the Applicant? 18. The Applicant filed the Appeal before this Tribunal bearing CA (AT) (INS.) No. 155 of 2021 challenging the Order dated 30.06.2021 passed by the National Company Law Tribunal, Hyderabad Bench, (NCLT) in I.A. 233 & 234 of 2021 in C.P. 277 of 2019. The Applicant in the Appeal sought to set aside the said Impugned Order dated 30th June, 2021 and sought a restraint Order to the Respondent (Liquidator) from proceeding in the Liquidation Process till disposal of I.A 233 of 2021. The said Appeal has been filed before this Tribunal on 14.07.2021 and this Tribunal after hearing the Parties passed an Order of 'status quo' on 20th July, 2021 till the next date ....
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....quo order. The Applicant on 23rd July, 2021 sent a mail to the Respondent/ Liquidator, whereby, it is requested that the Respondent/Liquidator refrain from the activities of dismantling and lifting of plant and machinery from the subject premises. The Respondent replied to the e-mail of the Applicant on 24.07.2021, wherein, it has been clearly stated that the plant and machinery of the Corporate Debtor was auctioned on 08.05.2021 and the same was sold and the possession of the same was also handed over to the successful bidder along with the sale certificate on 03.06.2021. Further, it is sated that the Respondent/ Liquidator does not have possession or control over the disposed asset of the Corporate Debtor. 23. As observed Supra, the Appeal has been filed much later to the sale certificate issued to the auction purchaser and the Applicant has not impleaded the auction purchaser as a party to the proceedings and the status quo order will not be applicable to the auction purchaser and this Tribunal cannot desist the auction purchaser from proceeding with the property which he is in possession in accordance with law, therefore, this Tribunal is of the view that the Respondent has ....