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TMI Blog2022 (1) TMI 668X X X X Extracts X X X X X X X X Extracts X X X X ..... property as the proposed buyer is related party as under Regulation 33(2) of the Regulations - the present Application is allowed by permitting private sale of said property as under Regulation 33(2) of the Regulations. - IA No. 1577 of 2021 in C.P. (IB) No. 69/MB/2017 - - - Dated:- 24-12-2021 - Bhaskara Pantula Mohan, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Vikram Nankani, Ld. Sr. Advocate ORDER Bhaskara Pantula Mohan, Member (J) 1. This is an application filed by the Liquidator Mr. Uday Vinodchandra Shah (Applicant) under Regulation 33(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (the Regulations) seeking a permission for conducting the Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant as in capacity if the Liquidator the applicant sought to sell the property of the property of Corporate Debtor by way of a public auction in compliances of Regulation 33(1) of the Regulations. The property of the Corporate Debtor included a piece and parcel of the land situated at Alibaug, Maharashtra and shares held by the Corporate Debtor in one Urban Rupi Infrastructure Private Limited, being a wholly Owned Subsidiary of the Corporate Debtor. The details of the property is as: 'Sale of the immoveable property in Village Boris, having Survey No. and Hissa No. 47/1B, 47/2C, 54/3, 68/2A, 69/1, 69/8, 103, 59/1 A, 60/2, 67, 69/9, in village Kihim, having Survey No. 767 and in Village Gunjis having Survey No. and Hissa No. 7/1 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LP is also a chairman of Urban Infrastructure Venture Capital Limited (Financial Creditor). Since proposed buyer is related party of the Corporate Debtor as per section 5(76) of the Companies Act, 2013, the applicant has preferred present application as the proposed buyer falls under the proviso to Regulation 33(2) of the Regulations. 3. At the time hearing this bench proposes to get first-hand information on the market value of the property from the local Revenue Authority. In view of the same District Collector/District Commissioner is directed to provide necessary details with regard to the market value of the property as followed in the land acquisition matters vide its order dated 27.07.2021. Pursuant to the direction, this bench re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecified in Schedule I. (2) The liquidator may sell the assets of the corporate debtor by means of private sale in the manner specified in Schedule I when- (a) the asset is perishable; (b) the asset is likely to deteriorate in value significantly if not sold immediately; (c) the asset is sold at 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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