2019 (9) TMI 1635 - Tri - Insolvency and Bankruptcy

Interference with the impugned order - ground of delay - HELD THAT - The option is left to execute the order so passed by this Bench on 13.04.2017 and it required to be executed in the fashion as reflected in the order and accordingly, the fair value has been obtained by Independent Valuer which is in the record. Since, there is a difference in both the valuation, the Petitioner is agreed for mean value and if Respondent does not wish to purchase the share and asset of the company, in that event, the Petitioner is ready to go for the mean value and shall purchase the shares and assets of the company. The prayer is allowed as a last chance as the matter is pending since 2017 - the Respondent is directed to either purchase the assets and properties as per mean value or allow the Petitioner to purchase the same, since no alternative left - List the matter on 10.10.2019.

Summary

The National Company Law Tribunal Ahmedabad passed an order in a case where the Respondent challenged a previous judgment, which was dismissed by the NCLAT. The order from 13.04.2017 needs to be executed, with the option for the Petitioner to purchase shares and assets at mean value if the Respondent does not wish to. The Respondent was given time to decide, and the matter was listed for further hearing on 10.10.2019.