TaxTMI 
TaxTMI 
2026 (4) TMI 380
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....AMR/2019, to be read with the corrigendum order dated 18.07.2025. By virtue of the impugned order of 03.07.2025, the aforesaid application preferred by the Liquidator, Respondent herein praying for taking on record the completion of the sale of the Corporate Debtor as a going concern, and for grant of certain reliefs and concessions as sought for by Successful Auction Purchaser as detailed in Annexure - 29 of the Application, has been rejected by the Impugned Order of 03.07.2025, which was subsequently rectified for certain minor typographical errors by the order of 18.07.2025. 3. The said Interlocutory application, IA No. 41/2025 was preferred on 06.12.2024, by the Liquidator of the Corporate Debtor, invoking Section 35 of I&B Code, to be read with Section 60(5)(c), and with Regulation 32A, 33 and 42(2) of IBBI (Liquidation Process) Regulations, 2016. The Liquidator, in the said Application has formulated a relief as extracted here under: In light of the foregoing submissions and in the interest of facilitating a successful revival of Veda Biofuel Limited, it is most humbly prayed that this Hon'ble Tribunal may be pleased to: 1) To allow the instant applic....
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....ince there are various Applications challenging the auction sale pending before it for adjudication, it is not inclined to pass any order for completion of sale at this point of time. 7. It is seen that the interlocutory application, apart from reporting the completion of the sale of the CD as a going concern, went further to pray for grant of a total of 41 reliefs / concessions consequent to confirmation of sale of the assets of the Corporate Debtor as a going concern, such as deemed issue of NOC by creditors, cessation of all past liabilities and claims, Extinguishment of corporate guarantees, Discharge of related party claims, waiver of VAT/Income Tax/Customs duty/such other duties that may arrange beyond the term sheet, withdrawal of cases by secured creditors, waiver of past dues relating to water and electricity, carry forward of losses, grace period to comply with various future statutory/regulatory requirements, from liabilities accrued under various Acts and laws, resting of assets, and internal assets of the CD, continuation of licenses, release of charges by RoC, an assurance that all claims under the applicable law and contract or as determined by the judicial or qua....
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....he Liquidator at [email protected]. Ph. No. 9959223615 or can also be obtained by sending an email to Mr. S Upendra Reddy, Email: [email protected], Ph. No. 7799278523. 10. The Tribunal while considering the rival contentions and particularly the contents of the application, which was preferred by the Liquidator, had rightly come down to a conclusion that, once the bidder has already participated in the bidding process, there would be a deeming presumption that, the bidder had knowledge of all the terms and conditions, which were mentioned in the e-auction notice of 21.08.2024 and has accepted by submitting the bid and therefore all acts of the Successful bidder would be strictly governed by the terms and conditions of the sale notice and its consequential acceptance and that he cannot, under the garb of the application that, was subsequently preferred by the Liquidator, attempt to do or achieve something, which he has been unable to do, by filing an earlier application which he withdrew simplicitor and which was dismissed as withdrawn unconditionally, without any liberty. The nature of the unconditional order of withdrawal, as extracted here under: IA(....
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....ted in accordance with the commercial transactions, which was entered into, with the full knowledge and acceptance by the successful bidder accepting to the attendant risk as a consequence of the conclusion of the auction sale. The same was the principle, which was considered by the Hon'ble Apex Court in the judgment rendered, in the matters of KC Ninaan Vs Kerala State Electricity Board & Others, as rendered in Civil Appeal No. 2109- 2110/2024. wherein, the Hon'ble Apex Court in its Para 141, 142, 143, had considered the implication of the conditions of the sale which is carried, on "as is where is" basis and had observed therein that the implication of expression of "as is where is" basis is that, every intending bidder is put to a notice that, the seller does not undertake responsibility in respect of the property offered for sale in regards to any liability such as the payment of dues like service charges, electricity dues for power connections and taxes of local authorities. Relevant para 141, 142, 143 of KC Ninaan (Supra) is extracted here under: 141. To conclude, all prospective auction purchasers are put on notice of the liability to pay the pending dues wh....
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....he light of the provisions contained under Section 3 of the Transfer Property Act, which has to be read in the light of Section 55(1)(a). In the absence of there being any contract to the contrary, the seller's obligation to disclose the material defect in the property or in the seller's title could not ordinarily be the responsibility, which was expected to be discharged by the him, as the buyer himself has to discover all the vital details in the light of the provisions contained under Section 3 of the Transfer Property Act. 15. Thus, the Tribunal has rightly come to a conclusion that, because of the terms and conditions as it was contained under clause 2 and 3 of the auction sale notice dated 21.08.2024, coupled with the fact that, the Appellant's earlier application for grant of a similar relief being IA(IBC)/414/2024 was dismissed as withdrawn, without the liberty reserved for him or, for anyone else to re-approach the Tribunal for the same relief, and which has attained finality, the instant application preferred by the Liquidator i.e., IA(IBC)/41/2025, which is for the similar set of reliefs would not be maintainable in the light of the ratio laid down in the ....