9911796707
TMI Blog2021 (7) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... er for the said plot of land as would be evident by the order dated 14th June, 2019. No other offers have since been received by the Official Liquidator. There is admittedly no such transfer application which is pending before this Court. There is also no proceeding pending in relation to the company (in liquidation) before the NCLT. No person or entity has come forward for reviving the Company (in liquidation). This Court is of the view that these factors sufficiently differentiate the present matter from the case of ACTION ISPAT AND POWER PVT. LTD. VERSUS SHYAM METALICS AND ENERGY LTD. [ 2020 (12) TMI 535 - SUPREME COURT] where it was decided specifically in relation to an application for transfer of the winding up proceedings to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017. Orders passed on 11th January, 2019 resulted in sale notices being published for the concerned plot again on 24th January, 2019. A subsequent order dated 14th June, 2019 specifically records that Lot No.4 has no takers. Counsel places the offer letter to the Official Liquidator dated 25th September, 2020 by which ₹ 2.5 Crores was mentioned as the offer price and the applicants also expressed their willingness to deposit 20% of the entire consideration money to the Official Liquidator. Counsel submits that an amount of ₹ 50 Lakh was thereafter paid by the applicants which would be evident from a letter dated 15th September, 2020. It is submitted that since no other person has shown any interest to purchase Lot No.4 or w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e made by creditors of the company (in liquidation). In Action Ispat , the winding up proceedings had been admitted by the High Court and then transferred to the NCLT for being tried under the provisions of The Insolvency and Bankruptcy Code, 2016. Action Ispat took into account the amendment to Section 434(1)(c)-5th proviso-of the Companies Act, 2013 under which a party to a winding up proceeding may file an application for transfer of such proceedings to the NCLT. The Supreme Court summarized its views in paragraph 14 of the report (paragraph 20 in some other publications). In paragraph 14.4, the Supreme Court held that in a post-admission stage of a winding up petition as well as after the appointment of a Company Liquidator for takin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the cited decisions. It is also evident from the submissions made on behalf of the Official Liquidator that sufficient expenses have been incurred for publishing the four advertisements of the sale notices in newspapers and for valuation of the property. This would amount to circumstances which cannot be reversed if this Court were to abstain from proceeding with the matter. There is thus no impediment in allowing the prayers in the application. In view of the above, there shall be an order in terms of prayer (a). The sale of Lot No.4 (re-advertised as Lot No.1 on 12th January, 2021) should be awarded in favour of the applicants. The Official Liquidator is directed to provide sufficient assistance to the applicants in this re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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