9911796707
TMI Blog2021 (11) TMI 195X X X X Extracts X X X X X X X X Extracts X X X X ..... ale of the Lot - 1 assets of the Corporate Applicant comprising of Gala Nos. 272, 273, 274 and 275, 2nd Floor, B-Wing, Sanjay Building No. 5, Akshay Mittal Industrial Premises Co-Op Society Ltd. (hereinafter referred to as the "said Lot-1 asset") and Lot - 2 asset of the Corporate Applicant, comprising of Land & Building Known as P&S Corporate House situated on Plot No. A 56, Road No. 1, Marol Industrial Estate, MIDC, Andheri (E), Mumbai - 400093 (hereinafter referred to as the "said Lot - 2 asset"), in favour of the successful bidder(s), Mr. Hitesh Vasantlal Bhanushali and parties acting in concert for Lot - 1 asset and M/s. Jain International Trade Organisation for Lot - 2 asset, in E- auction held on 26th February 2021. Submissions made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Lot - 1 asset to Rs. 3.10 crores and Lot - 2 assets to Rs. 36.25 crores, respectively. Accordingly, the Applicant issued another E-Auction sale notice dated 23.01.201 for the E-Auction scheduled to be held on 11.02.2021. Thereafter, E-Auction scheduled to be held on 11.02.2021 was further postponed and it was then decided to extend the date of submission of EMD till 23.02.2021 and accordingly the E-Auction was then scheduled to be held on 26.02.2021. In connection to the said development, the Applicant herein had issued a Corrigendum dated 06.02.2021, to the earlier E-Auction sale notice dated 23.01.2021. In the said E-Auction held on 26.02.2021, successful bids were received for both Lot - 1 and Lot - 2 assets and the same were according ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invited to provide balance sale consideration within fifteen days of the date when he is invited to provide the balance sale consideration. On payment of the full amount, the sale shall stand completed, the liquidator shall execute certificate of sale or sale deed to transfer such assets and the assets shall be delivered to him in the manner specified in the terms of sale. (12) On the close of the auction, the highest bidder shall be invited to provide balance sale consideration within ninety days of the date of such demand: Provided that payment made after thirty days shall attract interest at rate of 12% Provided further that the sale shall be cancelled if the payment is not received within ninety days. 8. Thus, from a perusal of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a price higher than the reserve price of a failed auction; or (d) the prior permission of the Adjudicating Authority has been obtained for such sale: Provided that the liquidator shall not sell the assets, without prior permission of the Adjudicating Authority, by way of private sale to- (a) a related party of the corporate debtor; (b) his related party; or (c) any professional appointed by him. (3) The liquidator shall not proceed with the sale of an asset if he has reason to believe that there is any collusion between the buyers, or the corporate debtor's related parties and buyers, or the creditors and the buyer, and shall submit a report to the Adjudicating Authority in this regard, seeking appropriate orders against the col ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 26.08.2019 which may in the present matter be referred which reads as follows:- "Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/LIQ/024/2019 26th August, 2019 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on website of the IBBI) Dear Madam / Sir, Sub: Applicability of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019 notified on 25th July, 2019. The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Liquidation Process) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
