TaxTMI 
TaxTMI 
TaxTMI 
2023 (12) TMI 1481
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....nfirmation of sale of the Corporate Debtor as a going concern to the Jindal Stainless Steelway Limited (CIN: U27109HR2004PLC082454) Respondent herein who have acted as the anchor bidder and emerged as the highest bidder pursuant to Swiss Challenge auction conducted by the Liquidator of the Corporate Debtor for the sale of the Corporate Debtor as a going concern in furtherance to public notice published by the Applicant on July 24, 2023. 4. The Applicant has sought the following reliefs from this Adjudicating Authority as under: a) If deemed fit, to pass necessary direction confirming sale of the Corporate Debtor as a going concern to the Respondent and for issuance of sale certificate by the Applicant in favour of the Respondent for such sale against receipt of purchase consideration of Rs. 96 Crore. b) To pass necessary direction upon Respondent to pay the balance amount Rs. 86,40,00,000/- and complete the acquisition of the Corporate Debtor as a going concern in the matter and with the resultant consequences specified in Part A and Part B of Schedule I to the Respondent's Request Letter enclosed as Annexure J to this Application. c) To pass appropria....
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....by the SRMB of Rs. 95 Crore should be kept as a reserve price for a Swiss Challenge public auction which would result in the sale of the Corporate Debtor within the permitted timelines. However, the said proposal was rejected by the SCC. 10. It is further contended that on February 28, 2023, the Applicant filed and application being I.A. 480/KB/2023 recording the reason why the applicant did not agree with the views of the SCC and vide an order dated April 24, 2023, this Adjudicating Authority directed the Applicant to make publications in two circulated newspapers of a Swiss Challenge auction notice for bringing attention of the interested parties at large before conducting auction through Swiss Challenge method and place the result of such auction before this Adjudicating Authority for approval of the same. (Para 5(g) of the Order dated April 24, 2023) 11. It is further submitted that the SRMB had been made the anchor bidder for Swiss Challenge Auction which was scheduled to be held on June 19, 2023. SRMB's bid was Rs. 95 Crore. Necessary publications were made. 12. It is further stated that thereafter SRMB chose to prefer an appeal being Company Appeal (AT) (Ins.) No. 7....
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....23, the Applicant intimated the Respondent about the Respondent emerging as the successful bidder. 16. It is further submitted that the Applicant has received a further communication dated September 11, 2023 from the Respondent. In the said Respondent's Request Letter, the Respondent, among others, has described the manner in which the Respondent wishes to complete the acquisition of the Corporate Debtor as a going concern on a "fresh slate" basis, and further requested to grant of certain reliefs and concessions by this Adjudicating Authority. The Respondent has further requested the Applicant to submit the said Respondent's Request Letter along with the schedules thereto for the kind consideration of this Adjudicating Authority. 17. Learned Counsel, Shri Rishav Banerjee, contends that this application has been filed in compliance with the order dated April 24, 2023, recording the result of the Swiss Challenge auction pursuant to the public notice dated July 24, 2023 for its approval. Analysis and Findings of this Adjudicating Authority: 18. We have perused the documents placed before us including the public notice dated July 24, 2023 annexed at Annexure "J" at Pages 7....
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....ctive reliefs, waivers and concession. The competent authorities including the Appellate authorities may consider grant such reliefs, waivers and concessions keeping in view the spirit of the I&B Code, 2016. 20. The reliefs, waivers and concessions shall be consistent with extant law. Further since this is a 'Going concern sale', the Successful Bidder shall make necessary applications to the concerned regulatory or statutory authorities for renewal of business permits and supply of essential services, if required, and all necessary forms along with filing fees etc. and such authority shall also consider granting the same keeping in mind the objectives of the Code which is concerned with resolving of the insolvency of the Corporate Debtor. 21. With respect to the waivers with regard to extinguishment of claims which arose prior to the initiation of CIRP and which have not been claimed are granted in terms of Ghanashyam Mishra and Sons Pvt Ltd v. Edelweiss Asset Reconstruction Company Ltd reported in (2021) 9 SCC 657: MANU/SC/0273/2021 wherein the Hon'ble Apex Court has held that once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of secti....