2022 (3) TMI 1396

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..... Direct the Liquidator to accept the Global Corp Logistics LLC as base price b. Direct the Liquidator to conduct Swiss challenge among the prospective applicants including the interest received after the specified timelines for value maximization. c. Pass such other orders as may deem fit and proper in the facts and Circumstances of the present case 2. The learned Counsel for the Applicant submitted that the Applicant herein was appointed as the Interim Resolution Professional vide order dated 10.12.2018 and was subsequently appointed as Resolution Professional upon Confirmation by the CoC. During the said CIRP period, as the resolution plan submitted was not commercially viable an application under section 33 of the I....

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....20 were verified and a separate application was filed before this Adjudicating Authority for modification of stakeholders list. 5. The Learned Counsel for the Applicant submitted that the business of the Corporate Debtor is being carried on as Going Concern for Beneficial Liquidation. It is further submitted that the applicant/liquidator for the benefit of the corporate debtor has identified and closed certain branches of the Corporate Debtor and has also issued discharge certificate to 136 employees and 15 retainers of the Corporate Debtor in terms of section 33(7) of the Code. The liquidator/applicant has also carried out steps to appoint administrators to look into the affairs of the direct and step-down subsidiaries. 6. The Learne....

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....ting dated 28.09.2021. Discussions as to negotiation and to decide the same by voting on the proposal was made. 7. The learned Counsel for the applicant/liquidator submitted that during the 8 SCC meeting, the already existing proposals were also considered for voting upon their price improvisation. The SCC upon consideration have finalized two proposal which are as follows, A. Global Corp Logistics L.L.C (Proposal-A) Particulars Liquidation Value (Rs. in Crore) Proposed Offer Rs. in Crore Note: Purchase Entire Company with exclusions - Container Freight Station Land 29.84       44.64 - Container Freight Station Building 11.98 - Sipcot' (Land and Building) 3.42 ....

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....axy Freighti Private Limited Swiss Challenge Voted for 2 - 2 Voted for 25% 0% 25% Voted against 2 4 2 Voted against 25% 50% 25% Abstained from voting 4 4 4 Abstained from voting 50% 50% 50% Total No of Persons 8 8 8 Total Percentage 100% 100% 100% 9. The learned counsel for the applicant/Liquidator states that the reasons for not voting and voted against the resolution were recorded in the Ninth Stakeholders committee meeting. Further an offer from the promoter under Section 230 of Companies Act, 2013 was received by the liquidator with no sufficient clarity as to the investor or any proper reply for the clarifications raised was answ....