2025 (2) TMI 1624

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.... and the same was accordingly dismissed as withdrawn. 2) However, prior to the rising of the Bench, in the pre-lunch session, a mention was made by the Counsel for the Appellant that, instead of passing an order of withdrawal, an order may be passed on merits of the matter. 3) The facts which engage consideration in the instant Company Appeal which has been preferred under Section 61, are that the Appellant claims that he happens to be a successful auction purchaser, having been determined so in pursuance to the e-auction, which was conducted on 30.03.2024, for the entire "Konaseema Gas Power Plant Ltd." (herein after to be called as KGPL Plant). At the time, when the Appellant was determined as to be a successful bidder, the bid was ....

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....r, consequent to which the Liquidator vide its email communication dated 21.10.2024, granted an extension of time of 64 days for deposit of the amount, which ended on 26.12.2024. The Appellant was unable to fulfil his commitments of paying the amount as per the extension granted by the Liquidator, despite his efforts to make arrangement for the finances by taking steps even to the extent by mortgaging the property worth Rs. 175 Crores, to ICICI Bank. The ICICI Bank insisted upon site inspection, of the said plant of the Corporate Debtor in order to test its legal and technical viability, before sanction of the requested amount in view of the RBI directions as per Section 21 and Section 35(A) of the Banking Regulation Act, 1949, and in the l....

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....ts to the ICICI Bank, to its satisfaction so that they can process the loan application. It is contended by the Appellant that, instead of considering the Application on its merit which was preferred on 31.01.2025 and taken up for consideration on 11.02.2025, the Learned Tribunal has proceeded to pass the order fixing a matter to be considered on 27.03.2025. It is this order of the adjournment which is impugned in the Appeal. The Impugned Order is extracted hereunder: - "ORDER: IA(IBC)/294/2024 Present: Mr. Swapnil Newaskar, Ld. Counsel for the Applicant. Mr. Varun Srinivasan, Ld. Counsel for the Liquidator/Respondent. Mr. Varun Srinivasan, Ld. Counsel has taken service on behalf of the Respondent. For fi....