2024 (8) TMI 1530 - AT - IBC

Challenge to order directing the issuance of a Sale Certificate and distribution of proceeds - grievance of the Appellant is that now before the Adjudicating Authority the amount which was noticed by this Tribunal has crystallised is to be re-examined - HELD THAT - The ends of justice would be served in issuing the Notice in the Appeal. Let Reply be filed within two weeks. Rejoinder be filed within further two weeks.

Summary

The National Company Law Appellate Tribunal in New Delhi heard an appeal by STCI Finance Limited against an order directing the issuance of a Sale Certificate and distribution of proceeds. The Appellant had previously accepted a proposed amount but now disputes it due to objections from State Bank of India and other creditors. The Liquidator still proposes the same payment amount. The Tribunal decided to issue a notice for the appeal, allowing the Appellant to include the Auction Purchaser and creditors in the proceedings. The Sale Certificate issuance is pending the appeal result. Further filings are scheduled, and the case is set for a hearing on September 25, 2024, without affecting the Adjudicating Authority's ability to proceed lawfully.