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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 ..... cant, West Bengal Tourism Development Corporation Ltd. appeared. Ld. Sr. Counsel, Mr. Joy Saha for Respondent no. 1 appeared. Ld. Sr. Counsel, Mr. Ratnanko Banerji for the Proforma Respondent appeared. 2. This application u/s. 42 read with Section 60(5) (a), (b) and (c) of the Insolvency and Bankruptcy Code, 2016 and other applicable provisions of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 has been filed by West Bengal Tourism Development Corporation Limited (WBTDCL) submitting that in the 6th CoC meeting dated 06/10/2017 the resolution plan for revival of the Corporate Debtor had failed to get the approval of the CoC and this Adjudicating Authority vide order dated 17/10/2017 recorded the failure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uly, 2020. The applicant submits that in terms of Clause 10 of the Joint Sector Agreement dated 23/02/1990 if any of the parties to the said agreement wishes to dispose of its share, the same has to be offered first to the other parties to the Joint Sector Agreement and if the other parties refuse to buy such shares, the offerer may offer such shares to the public. Articles 48 and 49 of the Article of Association of the NPRL also provide that if the parties to the Joint Sector Agreement intend to transfer or dispose of their shareholding in NPRL, they must first give option to the other shareholders to purchase the same. It is submitted that the respondent Liquidator is under an obligation to first offer the shares to the applicant and WBID ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ator has never offered shares to the applicant as he is duty bound to offer, as per the terms of the Joint Sector Agreement. The applicant further submits that the valuation of the shares has to be fixed by the Auditor of the Company and that the Liquidator has not provided that valuation of the shares, in the absence of which fair valuation cannot be taken to have been calculated in compliance of Clause 10 of the Joint Sector Agreement. The Applicant states that NPRL is a listed entity and its shares are traded on daily basis at the Bombay Stock Exchange. The respondent Liquidator has not only violated the terms of the Joint Sector Agreement in not making an offer to the applicant but it carried out newer round of valuation of shares not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... int Sector Agreement and submits that Liquidation process is being hampered due to the delay on the part of the applicant and no such stay or injunction can be granted by this Adjudicating Authority. 6. We have heard both the parties, and are of the considered view that this matter needs a further hearing but prima facie the liquidation process cannot be halted for indefinite period. As a part of the liquidator process shares have to be sold after making offer to the other parties i.e., the applicant and WBIDC. We, therefore, grant ad interim stay only by restraining the Liquidator from selling the shares of the Corporate Debtor to outsiders for a period of two weeks only when the issue would possibly be heard and decided finally. 7. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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