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TMI Blog2020 (6) TMI 254X X X X Extracts X X X X X X X X Extracts X X X X ..... t 28, 2018 of Hon'ble Kolkata Bench under which the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 has been initiated against the Company, the Liquidator is selling assets of the Corporate Debtor at lower than the actual price. 2. It has also been alleged by the applicant that notwithstanding the aforesaid Order passed by the learned Tribunal at Kolkata, no communication was made by the Registry to the Corporate Debtor. 3. It is stated that pursuant to the aforesaid Order, when the Applicant came to know regarding the proposed sale of the property mentioned in Schedule-A and Schedule-B to the Interim Application fixing the date to 27-6-2019, they downloaded the e-auction notice dated 6-6-2019 and the corrigendum issued on 11-6-2019 from the website https://ncltauction.auctiontiger.net. Therein, the reserve price of property-A was fixed at 9.48 Crore and Property-B at ₹ 3.88 Crore, whereas in corrigendum the reserve price of property-A was subsequently fixed at ₹ 3.21 Crore and Property-B at ₹ 10.14 Crore respectively. Copy of the sale notices published in daily newspaper THE FINANCIAL EXPRESS dated 6-6-2019 and 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor for admission of case against them. The Learned Counsel for the Financial Creditor has informed that they had served the notice under section 7 of IBC, 2016 but it was returned with the postal remarks address moved . Thereafter, the Learned Counsel for the Financial Creditor prayed for direction to serve notices by publication in newspapers and the said prayer was allowed. Learned Counsel for the Financial Creditor subsequently filed affidavit of compliance, which was taken on record. Affidavit of compliance shows that the Financial Creditor has served the notice on the Corporate Debtor through e-mail and also made a paper publication of Notice in Nabha Bharat and Indian Express . The above prima facie, suggest that the Notice was served on the applicant. 7. Vide Order dated 15th February, 2018 the Hon'ble Kolkata Bench, had Ordered to start Corporate Insolvency Resolution Process against the Corporate Debtor and allowed the name and registration number of the proposed Interim Resolution Professional Mr. Pinaki Sircar, an Insolvency Professional registered with the ICSI Insolvency Professionals Agency having Registration No. IIBI/PA-002/IP-N00063/2016- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quidation Process) Regulations, 2016. 9. The fact and circumstances indicate that the Company has already been ordered to be liquidated by way of an order dated 24th August 2018 passed by the Hon'ble Tribunal, Kolkata Bench. The applicant has filed the present application almost 10-months after the order of liquidation was passed, primarily on the grounds that notice was not served on them. 10. The Learned Liquidator stated that at the time of publishing of the sale notices on 6th June 2019, inadvertently, there were some typographical errors in the reserve prices for the properties. The same were immediately corrected and the revised notices with correct reserve prices were published along with a Corrigendum dated 11th June 2019. He stated that the auction of Property A on 26th June 2019 was proceeded with on the basis of the correct reserve price as published in the corrigendum. The valuation of the properties of the Company in liquidation was done in accordance with the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. He denied that the alleged benchmark valuation of the properties as annexed to the application can be relied upon or tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the valuation shall not be more than 6 months old. The Liquidator has submitted that it has ensured complete compliance with the prescribed rules and regulations for calculation of the Liquidation value. He further, stated that the Company directors or officials were not present before the Hon'ble NCLT or in the meetings of the Committee of Creditors and their belated objections should not be taken into consideration at this stage where the auction of the property has already taken place and the sale proceeds are about to be realised. The auction was conducted in accordance with Schedule I of the Insolvency and Bankruptcy Board of India Regulations (Liquidation Process), 2016 for which requisite public notice was given. The Reserve Price of the assets are as per the regulations and as per the provisions of the Insolvency and Bankruptcy Code, 2016. 13. Liquidator has stated that there is no requirement of any personal notice to the Applicant (in Liquidation) and in any event, the Applicant having been absent from the proceedings since initiation cannot be permitted to approach the Tribunal, for any reliefs whatsoever. He has denied that the sale shall adversely affect the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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