2026 (4) TMI 163

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....erson)] Heard Ld. Counsel for the Appellant and Ld. Counsel appearing for the Liquidator as well as the Liquidator who too is appearing in person. This appeal has been filed being aggrieved as against an order dated 24.10.2024, passed by Ld. NCLT Division Bench Court-I Chennai in IA(IBC)/327(CHE)2024. 2. The Appellant before us is a Successful Auction Purchaser who became the Successful Bidder in the process of sale of CD as a going concern. The sale certificate has already been issued in that regard in favour of the Appellant on 15.10.2021. The Appellant filed an IA(IBC)/327(CHE)2024, in which the following prayers were made by the Appellant: "In light of the above, the Applicant respectfully prays for the following reliefs:....

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....orkmen, which has not yet been paid. Ld. Counsel for the Appellant has referred to an affidavit filed in this appeal dated 14.11.2025. It is submitted and as pleaded in the affidavit too, that Appellant has given "No-Objection" for clarification of the bank balance of the Corporate Debtor towards the discharge of gratuity due to the erstwhile employees of the Corporate Debtor. 5. Ld. Counsel for the Appellant secondly submits that, there was an ongoing arbitration proceeding between the Corporate Debtor and the BSNL, and it was provided in the e-auction notice / sale notice, that amount received from proceeding of BSNL shall go only to the Creditors, and none of the said amount shall be received by the Appellant. The Appellants grievance....

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....rporate Debtor had certain Gratuity claims and on humanitarian grounds, wanted the claims of the workers settled by utilizing the funds available, part of which is the subject matter of the appeal. It was on this basis and on the understanding that the funds would be used for payment of Gratuity claims due to the erstwhile employees of the Corporate Debtor that the Liquidator had sought for a No-Objection from the Appellant for utilization of the bank balance of the Corporate Debtor towards the discharge of gratuity due to the erstwhile employees of the said Corporate Debtor." 9. We have noticed the submission of the Ld. Counsel for the Liquidator that, no claim within time was received by the erstwhile employees towards the gratuity, an....