TaxTMI 
TaxTMI 
2026 (3) TMI 1083
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....ICAL) For the Appellant : Mr. Jerin Asher Sojan, Advocate For Mr. Avinash Krishnan Ravi, Advocate For the Respondents : Mr. Ramesh Babu Palutla, Advocate for R1/RP, Mr. Mohd Umar K, Advocate For Mr. B. Dhanaraj, Advocate for R2 ORDER Per: Justice Sharad Kumar Sharma, Member (Judicial): These two Company Appeals have been preferred by the Appellant, invoking the provisions contained under Section 61 of I&B Code, being aggrieved as against the impugned order of 13.06.2024 that was passed by the Learned National Company Law Tribunal, Hyderabad Bench. Company Appeal (AT) (CH) (Ins) No. 243/2024 challenges the common order dated 13.06.2024 passed in IA No. 294/2020, 365/2021, 1094/2019 & 726/2022, as it stood preferred in CP (I....
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....365/2021, & 726/2022 were preferred by him and they were rejected by the common impugned order. which is under challenge in Company Appeal (AT) (CH) (Ins) No. 243/2024. He has further submitted that the RP also filed an application IA no.245/2021 praying for the order of liquidation of the CD, M/s Shivaani Alloy Steel Casting Limited which was allowed by the Ld. NCLT by an order dated 13.06.2024. He has alleged that the said order of liquidation was passed despite several irregularities committed during the CIRP process, which were not considered by Ld. NCLT, because of which he has also filed an appeal against the said order. These Company Appeals were taken up before this Appellate Tribunal on 15.07.2024 and we had issued notices to....
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....idator and have gone through the entire records; we find it appropriate to grant only the following reliefs: a) On perusal of the Final Report, it is evident that the Liquidator has sold the Corporate Debtor as a going concern, as such, it is a fit case for closure of Liquidation process. b) As a sequel to the above, we hereby order closure of the Liquidation proceedings against the Corporate Debtor namely M/s. SHIVANI ALLOY STEEL CASTINGS LIMITED from the date of this Order, in terms of Regulation 45 (3) of Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Consequently, the Liquidator stands relieved. c) The entire sale consideration paid by the Successful Bidder of the Company as a ....
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....e process. The said assets are free from any financial implications arising out of any pending proceedings before relevant authorities, if any. g) The Applicant shall have the right to review or continue or terminate any contract that was entered into prior to the date of 'Certificate of Sale', without any liability and obligation on the part of the CD/Successful Bidder and the CD shall be deemed to have been discharged and extinguished in full. h) Since it is sale as a going concern in Liquidation, the Applicant is not to be saddled with the liabilities existing prior to the date of 'Certificate of Sale', other than those identified or part of the group of assets and liabilities which according to its comm....