2024 (8) TMI 1529 - AT - IBC

Challenge to E-Auction Sale Notice published by the Liquidator for sale of the Corporate Debtor as a going concern scheduled on 04.04.2024 - realization of secured Assets as per Section 52(3) of IBC - extension of time period to pay to the Liquidator the costs as more particularly mentioned in Regulation 21(A) of the Liquidation Regulations - HELD THAT - In view of the stand now taken by the liquidator by filing an affidavit before the Adjudicating Authority there is no necessity of considering any issue which has arisen in this appeal. The appellant having been offered to pay the amount of Rs. 39, 30, 54, 422/-. There are no reason to keep the appeal pending. The appeal is disposed of.

Summary

The National Company Law Appellate Tribunal, New Delhi, considered an appeal against an order dated 22.04.2024 regarding an E-Auction Sale Notice published by the Liquidator for the sale of a Corporate Debtor as a "going concern." The Appellant sought various reliefs, including setting aside the sale notice, directing the realization of secured assets, extending the time period for payment, staying the sale of secured assets, and other appropriate orders.The Tribunal noted that the sale had already been conducted but restrained the Adjudicating Authority from issuing the sale certificate and distributing the proceeds. The Liquidator filed an application proposing to pay the Appellant a specific amount out of the admitted claim from the bid proceeds. The Liquidator's application detailed the sale of assets, admitted claims, and proposed payments to secured lenders.Considering the Liquidator's offer to pay a specific amount to the Appellant, the Tribunal found no need to address the issues raised in the appeal. The Tribunal disposed of the appeal without delving into the merits, emphasizing that the amount had been deposited by the Successful Bidder, and the distribution had been determined. The Tribunal suggested that the Adjudicating Authority could consider issuing directions for the issuance of the sale certificate.In conclusion, the Tribunal disposed of the appeal based on the Liquidator's offer to pay a specific amount to the Appellant, without addressing the underlying issues. The Tribunal highlighted the crystallization of the distribution amount and suggested the Adjudicating Authority consider issuing directions for the sale certificate.