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TMI Blog2020 (12) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... ers for a period of two weeks only when the issue would possibly be heard and decided finally. Matter stands adjourned to 22/09/2020 for further consideration. - IA (IB) No. 643/KB/2020 in CP(IB) No. 03/KB/2017 - - - Dated:- 4-9-2020 - M.B. Gosavi, Member (J) and Harish Chander Suri, Member (T) For the Appellant : Kishore Dutta, Sumita Shaw, Advcocates, Debendra Raut, Pr. CS, Joy Saha, Sr. Advocate, Barsha Dikshit, Pr. CS, Ratnanko Banerji, Sr. Advocate For the Respondent : Pratik Shanu, Advocate and Nilanjan Bhattacharjee ORDER 1. Ld. Advocate General, Mr. Kishore Dutta for the Applicant, West Bengal Tourism Development Corporation Ltd. appeared. Ld. Sr. Counsel, Mr. Joy Saha for Respondent no. 1 appeared. Ld. Sr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and while doing so, the Liquidator is supposed to abide by all laws and statutory obligations in place. The applicant further submits that the respondent-Liquidator has taken steps to sell 25% shares of the Corporate Debtor in NPRL and had floated several EoIs wherein the respondent Liquidator regularly revised prices from time to time. The last such EoI was floated on 29/06/2020 wherein the reserved price of 1,17,00,000 equity shares of the Corporate Debtor held in NPRL has been fixed at ₹ 35.06 Crores. It is submitted that last date of submission of EoI along with non-refundable fees has been fixed on 10th July, 2020. The applicant submits that in terms of Clause 10 of the Joint Sector Agreement dated 23/02/1990 if any of the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the respondent Liquidator in disposing of the said shares of the Corporate Debtor in NPRL. It is stated the letter was not in nature of offer but was a mere intimation of the intent of the respondent Liquidator to dispose of the shares to the other parties. It is submitted that as per Clause 10 of the Joint Sector Agreement dated 23/02/1990, the valuation of shares has also not been done. The applicant further submits that non-reply of letter dated 03/01/2018 can not be taken by the respondent-Liquidator as a consent and the Liquidator cannot deliberately ignore or violate the Joint Sector Agreement because the Liquidator has never offered shares to the applicant as he is duty bound to offer, as per the terms of the Joint Sector Agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... their respective allocation of shares, then in such a case, the said party has to offer the said shares to the other party to the JSA. That in the event that such other party to the JSA decides not to acquire the said shares of NPRL, sought to be sold, then in such a case, the shares are either to be sold through public issue or to the public financial institution . ..................... For efficacious disposal of the shares of NPRL and in line with the JSA, the Respondent Liquidator may sell such shares on the stock exchange itself. The Ld. Counsel for the respondent-Liquidator relies on various provisions of the Joint Sector Agreement and submits that Liquidation process is being hampered due to the delay on the part of the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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