TaxTMI 
TaxTMI 
2022 (6) TMI 721
X X X X Extracts X X X X
X X X X Extracts X X X X
....ICAL) Preamble: The Present Contempt Application is filed by the Appellant stating that the Respondent had wilfully violated the Order passed by this Tribunal dated 20.07.2021, thereby, the Respondent committed contempt of this Tribunal. Brief Facts: Appellant's Submissions: 2. The Learned Counsel appeared for the Applicant submitted that the Appellant preferred the Appeal before this Hon'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' o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....es of the Corporate Debtor on the flimsy and frivolous ground that the liquidator has already proceeded to confirm the sale and has issued sale certificate and as such lost possession and control over the said plant and machinery of the Corporate Debtor. 8. The Applicant also sent a mail dated 23.07.2021 seeking a compliance of the Order dated 20.07.2021 passed by this Tribunal. However, the Liquidator refused to halt any works in premises of the CD on the pretext that the Order does not operate on the auction purchaser from lifting and dismantling the plant and machinery and the Liquidator has no control or possession of the said plant and machinery. 9. It is submitted that the Liquidator is acting contemptuously with the entire object o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted 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 the plant and machinery it fetched Rs. 3,56,00,000/- as against the offer ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssed by this Tribunal on 20.07.2021 and this Respondent stopped all further proceedings in the liquidation process in total compliance with the said orders. Thus, this Respondent has not committed any violation or breach of the orders of this Tribunal as alleged by the Applicant. 15. It is submitted that this Respondent received an e-mail dated 23.07.2021 from the Applicant and this Respondent upon receipt of the said e-mail clarified to the Applicant vide his e-mail dated 24.07.2021 that the said plant and machinery had been sold and transferred to the auction purchaser on 03.06.2021 and that the Respondent has neither has possession nor control over the plant and machinery. It is also stated that all further proceedings in the liquidatio....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of this Tribunal dated 20th July, 2021 and sought directions from this Tribunal. 20. After filing the Contempt Application dated 02.08.2021 this Tribunal had afforded opportunity to the Respondent to file their Response to the Contempt Application and the Contempt Application has been heard both sides and reserve for Orders. This Tribunal extended the Interim Order dated 20th July, 2021 till 05.07.2022. 21. The Respondent filed Counter Affidavit and denied all the allegations made by the Applicant in this Contempt Application. From the records it is evident that Second e-auction sale notice was issued on 08.04.2021 for sale of assets of CD as a going concern as well as on piecemeal basis under different options and the said second e-aucti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t 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 Appl....