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TMI Blog2020 (3) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... icant to improve and enhance the payment schedule so as to enable the Liquidator to accept the bid. Accordingly, they filed the revised offer by affidavit dated 23.09.2019. We have gone through the entire record and proceeding of this case. Earlier Successful Bidder, M/S Maithan Alloys Limited has withdrawn offer, hence there was no purchaser of the Corporate Debtor. At that point of time, the applicants gave i proved offer to purchase the Corporate Debtor for sum of ₹ 70 Cr res. We hold that this offer of enhanced bid amount is in tune with the object of the Insolvency and Bankruptcy Code, 2016 i.e. maximization of the assets of the Corporate Debtor. Hence, we direct the Liquidator to accept the bid of the applicants. Applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed). 2.3. One M/S Maithan Alloys Limited gave offer to purchase the Corporate Debtor for sum of ₹ 68 Crores. Since there was no other bidder responded to the auction notice, Ld. Liquidator accepted the offer and directed M/S Maithan Alloys Limited to deposit 10% of the bid amount. It has been deposited. 3. It is seen from the record that the Applicant, herein, has challanged that auction sale by this application on the ground that they were not permitted to take part in the auction by the Liquidator. In act, they were to give offer of some more amount. Upon receipt of this application, this Authority by order dated 03.07.2019 directed the Successful Bidder, M/S Maithan Alloys Limited not to ma further payment of the bid amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d within 90 days from the date of acceptance of the offer. 6. The applicant put further condition that the Liquidator may be directed to hand over the assets and overall affairs of the Corporate Debtor to them as a going concern by making payment of arrears of electricity charges first in priority. 7. We heard Ld. Senior Counsel for the applicants on point of their offer. We also heard Ld. Senior Counsel for the Liquidator. 8. It was made clear to the applicants that upon sale of the Corporate Debtor to them, it is for the Liquidator to disburse the sale proceeds as per water fall mechanism provided under Section 53 of the Insolvency and Bankruptcy Code, 2016. The Successful Bidder cannot suggest anything as to how such distributio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance 65% of the offered amount shall be paid by the Applicant to the Liquidator within a period of 90 days from the date of acceptance of the offer. iii. Upon receipt of the entire bid amount, the Liquidator to hand over possession and custody of all assets of the Corporate Debtor along with the managements as is and where is basis and file final report . iv. In case the applicants commit default in making payment as per time schedule mentioned above, their bid shall be treated as a cancelled and any amount deposited by them against the bid shall stand forfeited. v. CA(IB)No.796/KB/2019 is disposed. vi. Other pending applications in this matter is listed for further consideration on 26.11.2019. Urgent Photostat copy of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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