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TMI Blog2021 (9) TMI 1312X X X X Extracts X X X X X X X X Extracts X X X X ..... p Singh Dhillon, Salil Thakore, Sundaresh Bhat, Abhishek Sharma, Ashly Cherian, Anjali Sharma, Advocates, Anushree Kapadia, Sandeep Singhi, Gaurav Mathur, Abhishek Shah and Priyanka Rathi ORDER 1. Heard Ld. Sr. Counsel Mr. Krishnendu Dutta for the Appellant on Admission of the Appeal as well as I.A. No. 1830 of 2021 an Application for stay of the proceedings/urgent interim reliefs. 2. Ld. Sr. Counsel for the Appellant submits that on 25.04.2019 liquidation order was passed in this matter, 05th electronic auction process was initiated by the Respondent No. 2 (Liquidator), pursuant to advertisement inviting Expression of Interest (EOI) for participating in the electronic auction sale process for asset of Corporate Debtor published on 05.08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as shared on 25.08.2021 and the virtual data room link and password were shared only on 26.08.2021 on the same day when EMD of Rs. 67.50 Crs. was to be submitted. 4. Ld. Sr. Counsel for the Appellant submitted that the process was conducted in such a haste manner that no one can participate in this process except Welspun Steel Resources Pvt. Ltd. It is also submitted that during the course of hearing on 16.08.2021 Welspun Steel Resources Pvt. Ltd. had given an offer of Rs. 675 Crs. in open court. It is pointed out such an offer of Rs. 675 Crs. for purchase of scrap and metal, land and buildings at Dahej whereas on the earlier process was undertaken by the liquidator for the sale of Dahej scrap and metal of assets. The Appellant is the high ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Anchor Bidder or alternatively to discard the Swiss Challenge Process and adopt the Anchor Bid as reserve price, invite bids accordingly and allow inter se bidding amongst the parties under the aegis of the Liquidator or this Tribunal as this Tribunal may deem fit and proper. IA No. 379 of 2021 is filed by the Applicant i.e. M/s. Kanter Steel India Pvt. Ltd. praying to quash and set aside Process Document dated 27.03.2021 and restrain the Respondent from taking any steps in pursuance of the Process Document. IA No. 445 of 2021 is filed by M/s. Welspun Steel Resources Pvt. Ltd. to direct the Liquidator to consider and accept its offer for the Consolidated Assets and to quash and set aside/cancel/revoke the Second Swiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Liquidator to complete the entire sale process in consultation with stakeholder committee within three weeks from the date of this order. The Liquidator to allow all parties herein to take part in bidding process. We further make it clear that the Liquidator may fix appropriate condition for the prospective bidders to check their bona fide. With this, the I.A. No. 273 of 2021, T.A. No. 379 of 2021, I.A. No. 445 of 2021 and L.A. No. 527 of 2021 stands dispose of. The matter is fixed for further consideration of I.A. No. 332 of 2021 and I.A. No. 371 of 2021 on 31st August 2021." 8. Ld. Counsel for the Respondents may file Reply Affidavit and also Reply of I.A. No. 1830 of 2021 within two weeks. Rejoinder, if ..... X X X X Extracts X X X X X X X X Extracts X X X X
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