9911796707
TMI Blog2022 (4) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor, as a going concern. The prayer in this application is as follows: "(a) Allow the present Application under Sections 35(1)(N) & 60(5)(C) of The Insolvency & Bankruptcy Code, 2016 read with Regulation 44(2) Of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; and (b) Permit the Liquidator to carry out the sale of the Corporate Debtor as "going concern' in terms of Regulation 32A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016: and issue such other/further order(s) or direction(s) as this Hon'ble Court may deem fit and proper in the interest of justice." 2. We have gone through the present application and it is seen from the record, that the Stakehold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Estate of CD primarily consisted of three immovable) properties, i.e. CD's Corporate office at Gurugram, Haryana, Factory at Coimbatore, Tamil Nadu consisting of land & shed, plant & machinery and raw material and a property in semi-finished condition at Noida, UP. Post the valuations being conducted and the valuation reports received, the liquidator endeavored to auction and realize the properties. 9. That CD's Land & Semi-finished Building located at B-124, Noida Phase-II, Uttar Pradesh has been sold by E-auction to the auction purchaser Prestair Systems LLP on March 6, 2020 for Rs. 3,03,50,000/- (Rupees three crore three lakh fifty thousand only) in accordance with Regulation 33(1) of IBBI (Liquidation Process) Regulations, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pletion: S No Project Expected Complete Date Defect Liability period 1 South bihar power distribution company Limited-BRGF gaya Bihar (Rural electrification Priject.) June 2022 June 2023 2 MP power Generating company Limited Brisinghpur Madhya Pradesh (Rural electrification project ) December 2021 December 2023 6. These two projects required further time, resources and efforts and the liquidator. Therefore, it seems appropriate that it should be sold as a going concern, to that effect the stakeholders have already given their consent, as mentioned above. In view of the above, we are inclined to allow this application. 7. IA-5561/2021 is allowed and disposed of. 8. List all other pending applications for physical hearing on ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
