TaxTMI 
TaxTMI 
TaxTMI 
2025 (6) TMI 431
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....nt company appeal as preferred by the Appellant, is by invoking the provisions contained under Section 61 of I & B Code, 2016, where the Appellant puts a challenge to the impugned order dated 06.01.2025, as it was passed in IA(IBC)/2452/CHE/2024 which was preferred in CP/481/IB/CB/2020. As a consequence of the said impugned order, which has been rendered by the Ld. Tribunal, prayer of the Appellant for, a clarification of the earlier order of the Ld. Tribunal, dated 02.09.2024 was rejected and the Applications was dismissed. 2. The appeal in question is accompanied with a Condone Delay Application being IA No. 532/2025, wherein, the Appellant has sought a Condonation of 14 days of delay, which has chanced in preferring the appeal, as it ha....
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.... instead of the sale of the Corporate Debtor as a Going Concern giving effect to the resolution in the 10th Stakeholders' Consultation Committee (SCC) of M/s. Gho Agro Private Limited (the 'Corporate Debtor') held on 18.03.2023. (b) To consequently permit the Respondent Liquidator to file necessary application for Dissolution of the Corporate Debtor with necessary forms; (c) To pass such other orders as it deems fit in the above circumstances of the case and thus render justice. 4. The said application, upon being considered by the Ld. Tribunal had been decided by the impugned order along with the other pending interlocutory applications. But since the challenge in the instant company appeal has been confined to the order ....
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....n on the said application has been based on the reasons assigned in para 24 - 30 of the impugned order, as to what implications would the decision of 10th Stakeholders Committee, would have. In para 24 it has been observed that in the 10th Stakeholders Consultation Committee on 18.03.2023, it was resolved give consent to the request of Successful Auction Purchaser/Appellant herein for changing the nature of sale, which has been concluded by the Liquidator, from 'sale of Corporate Debtor as a going concern' to 'sale of Business of the Corporate Debtor as a going concern' subject to approval of Ld. NCLT and any financial liability arising from this change to be borne by the Appellant. In para 25-29 Ld. NCLT records that sale of the Corporate ....
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....essary application for closure of the liquidation process of the Corporate Debtor, it is clear that the Corporate Debtor was ordered to be sold as a going concern by the order dated 02.09.2024 and there is no ambiguity which needs to be clarified and according rejected the application IA(IBC)/2452(CHE)/2024. 8. The Appellant has contended that order of 06.01.2025 runs contrary to the daily order passed on 16.04.2024 in IA/310/2024, that Ld. Adjudicating Authority has without reasons doubted the authenticity of 10th SCC meeting Resolution when the said meeting was actually held on 18.03.2024, as supported by his request letter to liquidator dated 16.02.2024 and the signature of liquidator bearing the date 01.04.2024 on the said resolution o....
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....Debtor as a going concern, the modification of, which was sought by filing the IA(IBC)/2452/CHE/2024, and it will not materially affect any legal right or liability of any of the parties to the proceedings. 10. The Appellant has contended that the order of 02.09.2024 is in variance with the daily order passed by the Ld. Adjudicating Authority on 16.04.2024. The said order is extracted below: - "Ld. Counsel Mr. M.L. Ganesh for the Liquidator. Ld. Counsel Mr. M.S. Viswanathan for the Applicant. This is an Application to permit the Liquidator to sell the business of the Corporate Debtor as a going concern in accordance with Regulation 32(f) of the Liquidation Process Regulations, 2016. On this a memo has been filed by the Applicant on 0....
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.... file a dissolution application, whereas the order dated 02.09.2024 of ordered closure of liquidation process. 12. The Appellant has contended further that the order of Ld. Adjudicating Authority for the sale of the Corporate Debtor as a going concern and for closure of the liquidation proceedings on the application filed by the liquidator in IA(IBC)/310/(CHE)/2024 will not restrict filing of an application and also will not restrict the exercise of inherent powers of Ld. Adjudicating Authority under Section 60 (5) of the I & B Code for the purposes to give a substantial shape to the proceedings of the liquidation by insertion of the expression "the sale of the business of the 'Corporate Debtor as a going concern', in accordance with Regul....