TaxTMI 
TaxTMI 
TaxTMI 
2025 (4) TMI 1780
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.... Pradhan, Advocates for R-2 (Bank of India). ORDER Heard Learned Counsel for the Appellant as well as the Counsel for the Liquidator and counsel appearing for the Financial Creditor. These two appeals have been filed against the same order dated 07.10.2024 in I.A. No. 471/NCLT/AHM/2022 filed by Arrhum Tradelink Private Limited - The Successful Auction Purchaser. By the impugned order, Adjudicating Authority while dismissing the application has also set aside the sale of the property as going concern and has also issued various directions, aggrieved by which order the Successful Auction Purchaser as well as the Liquidator has filed these Company Appeal (AT) (Insolvency) No. 1944 of 2024, filed by the Successful Auction Purchaser and....
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....in reliefs and concessions. In the Application, the Appellant has prayed for various reliefs and concessions. The Application came for consideration before the Adjudicating Authority. By the impugned order, the Adjudicating Authority has dismissed the Application and while dismissing the application has also directed for cancellation of sale as going concern. The Adjudicating Authority by the impugned order in paragraph 11 has issued following direction: ".... 11. In view of the above, we pass the following orders: ORDER I. The sale of the property of the corporate debtor as "going concern" is null and void. II. Penalty to be imposed for filing this application as having been done on "Cl....
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....e. When there was no challenge to the sale, question of sale being void or illegal could not have been gone into by the Adjudicating Authority while considering the Application for relief and concessions. Learned Counsel for the Appellant has also referred to the judgment of Gujrat High Court dated 24.08.2022 in Criminal Miscellaneous Application No. 11557 of 2021 which application was filed by the Successful Auction Purchaser and has been allowed by the Gujrat High Court relying on Section 32A of the IBC. It is submitted that the present in not a case where any order was required by Adjudicating Authority for declaring the sale as null and void and issuing further directions. Learned Counsel for the Liquidator also has supported the ....
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....lenged the auction notice as going concern sale. When no one challenged the auction notice as a going concern sale and auction took place as a going concern and culminated finally, we fail to see that issue of going concern sale could be raised by the Adjudicating Authority of its own at the time of considering the application for relief and concessions. There was no challenge before the Adjudicating Authority to the sale in favour of the auction purchaser the entire sale consideration had already been paid and distributed to the stakeholders, no creditor has also raised any question regarding sale. We thus are of the view that the Adjudicating Authority declaring the going concern sale as null and void cannot be supported. The Appellant....
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....h November, 2020 1st December 2020 11 AM to 1 PM 69.70 INR 6.97 Crores on or before 24th November 2020 Inspection Date Date and Time of Auction Reserve price INR In Crores EMD Amount & Documents submission deadline 1st December 2020 11 AM to 1 PM Before 24th November, 2020 1. EMD can be deposited either by remittance into the account or through demand draft or Bank Guarantee. 2. E-Auction will be conducted on "AS IS WHERE IS", "AS IS WHAT IS", "WHATEVER THERE IS BASIS" and "WITHOUT RECOURSE BASIS" only. The auction will be conducted through the service provider M/s eProcurement Technologies Limited, Mr. Praveen Thevar (9722778828/ 6351896833) at web portal https:/ncltauction.auctiontiger.net 3.....