2024 (8) TMI 1529

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.... ORDER Heard Mr. Arun Kathpalia, Ld. Sr. Counsel appearing for the Appellant, Mr. Ramji Srinivasan, Ld. Sr. Counsel appearing for liquidator and Mr. Malak Bhatt, Ld. Counsel appearing for Successful Bidder. 2. This appeal has been filed against an order dated 22.04.2024 passed in IA No. 1(AHM) 2024 which was filed by the Appellant praying for prayers as quoted in para-1 of the order. "a. Set aside the E-Auction Sale Notice dated 08.03.2023 published by the Liquidator for sale of the Corporate Debtor as a "going concern" scheduled on 04.04.2024; b. direct the Liquidator to allow the Applicant to realize the secured Assets as per Section 52(3) of the Code and other related provisions of the Liquidation Regulations; ....

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....his Tribunal on 21.05.2024 where the statement of Liquidator was recorded that the Adjudicating Authority by the impugned order at paragraph 20 has already restrained the Liquidator from issuing the sale certificate. Noticing the aforesaid, this Tribunal was of the view that in view of paragraph 20, no further orders are required and the next date fixed in the Appeal is 10.07.2024. 2. Now an application has been filed by the Liquidator before the Adjudicating Authority on which 08.07.2024 has been fixed. 3. Counsel for the Appellant apprehend that since Appeal is yet to be listed on 10.07.2024 for further orders and Adjudicating Authority has fixed the application on 08.07.2024 noticing the fact that appeal is listed on 10....

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....03,236 Rs. 23,77,03,236 Rs. 0 Bank of India Rs. 76,41,31,810 Rs. 76,41,31,810 Rs. 0 Indian Bank Rs. 57,20,87,032 Rs. 57,20,87,032 Rs. 0 STCI Finance Ltd. Rs. 39,55,34,828 Rs. 0 Rs. 39,55,34,828 ICICI Bank Rs. 16,52,739 Rs. 16,52,739 Rs. 0   Rs. 4,71,92,04,998 Rs. 4,22,46,93,488 Rs. 49,45,11,510 10. Taking the average valuation of fixed assets (Land, Building, Plant and Machineries) from the reports of the Registered Valuers Rs. 49,14,10,420/- out of the liquidation proceeds may be utilised towards payment to secured lenders having security interest over the fixed assets, i.e. term loan lenders. Name of the Claimant Term Loans As per Valuation of Fixed A....