9911796707
TMI Blog2021 (5) TMI 784X X X X Extracts X X X X X X X X Extracts X X X X ..... chaser is of the view that, it is matter of record that the Applicant has made made the entire payment towards the sale consideration of ₹ 18,72,00,000/- and it is only after the entire payment being made by the Applicant that the Liquidator has issued the sale certificate - Hence, now post the execution of the Sale Certificate, the demand raised by the Liquidator to the Applicant for the Interest as well as TDS is not maintainable. The Liquidator is at liberty to file for refund with the Income Tax department for the refund of TDS, if any, applicable to this case. The Liquidator is also directed to hand over the possession of the Corporate Debtors assets as per Schedule I of the Sale Certificate to the Applicant. Application dispo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess pursuant to the order dated 25.06.2020, passed by this Tribunal, vide public notice dated 29.08.2020, the factory premises of the CD located at Patch-1, Phase-II, Industrial Area, Gwal Thai, District-Bilaspur, Himachal Pradesh, were put into auction sale as a going concern. The E-Auction was conducted on 09.09.2020. At that time, the Applicant company was not incorporated. The bid was cast by joint bidders -Mr. Rajinder Kumar Ahharwal, Mr. Gaurav Aggarwal, Mr. Munish Kumar and Mr. Rajiv Singla. The liquidator issued a letter of intent on 11.09.2020 to joint bidders informing that their bid of ₹ 18.72 crores was highest. The joint bidders vide letter(s) dated 08.10.2020, requested the Liquidator to amend letter of intent in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration of ₹ 18,72,00,000/- (paragraph 2 of the sale certificate at page 112 of the application) and that the liquidator has/shall deliver the actual physical vacant possession of the entire assets/property to the Applicant at the time of execution of the sale certificate, without any reservation on limitation whatsoever (paragraph 8 of the sale certificate at page 117 of the application). The sale certificate binds the liquidator to deliver peaceful possession of the property to the Applicant without making any further demand. 7. The Applicant states that, after receiving entire payment and executing the sale certificate, the liquidator vide letter dated 21.12.2020 (page 135 of the Application) refused to hand over possession o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Schedule 1 of the Liquidation Process Regulations, 2016 which states that on full payment of amount, the sale shall stand completed and the liquidator shall execute certificate of sale. In other words, the execution of a certificate of sale is reflective that the payment of full amount has been made by the auction purchaser. 10. This bench after going through all the facts and documents as produced by the Applicant/Auction Purchaser is of the view that, it is matter of record that the Applicant has made made the entire payment towards the sale consideration of ₹ 18,72,00,000/- and it is only after the entire payment being made by the Applicant that the Liquidator has issued the sale certificate. It is also a matter of record tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
