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TMI Blog2022 (5) TMI 638X X X X Extracts X X X X X X X X Extracts X X X X ..... uest of Ld. Counsel for the Liquidator to conduct a fresh e-auction in the matter of corporate debtor as a going concern, it is noticed that the earlier c-auction has failed on account of the failure on the part of the auction purchaser to pay the balance amount and Liquidator has taken all the steps in accordance with law promptly therefore he is not at fault. Application allowed. - (IB)-706(PB)/2018 in lA-3153/2021, lA-4317/2021, lA-5255/2021 - - - Dated:- 25-4-2022 - JUSTICE RAMALINGAM SUDHAKAR HON BLE PRESIDENT AND SH. AVINASH K. SRIVASTAVA HON BLE MEMBER (TECHNICAL) For the Liquidator Mr. Abhishek Anand, Mr. Sahil Bhatia, Advs. Mr. Gian Chand Narang, Liquidator For the Applicant Mr. Gaurav Mitra, Ms. Aditi Sharma Mr. Ishan Roy Chawdhury, Advs. Applicants, Mr. Ashim Sood, Ms. Bhargavi Kannan, Mr. Ishaan Karki and Ms. Senu Nizar For the Suspended Board Mr. Apoorv Agarwal, Adv. ORDER lA-3153/2021 This is an application filed by Potens Transmission Power Private Limited, the successful bidder/auction purchaser for seeking following reliefs: (a) Allow the Applicant to pay/adjust the Sale consideration in the following manner (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extinguished; and (f) Direct that any non-compliance of provisions of any laws, rules, regulations, directions, notifications, circulars, guidelines, policies, licenses, approvals, consents or permissions prior to the Date of Acquisition shall be deemed to be extinguished; and (g) Direct that all the existing shares of the Corporate Debtor shall be extinguished without any consideration, and rights and liabilities arising out of the same shall also be extinguished; and (h)Direct that on and from the Date of Acquisition, the status of the Corporate Debtor in the records of the Registrar of Companies should be reflected as active from the status of liquidation ; and (i) Direct that from the Date of Acquisition, the Board of Directors of the Corporate Debtor be reconstituted as per the Companies Act, 2013 and that the following individuals be permitted to act as Directors of the Corporate Debtor duly appointed under the provisions of the Companies Act, 2013, and direct the registrar of Companies to do all such acts, deeds and things that are necessary to appoint the following individuals as directors of the Corporate Debtor, who are individuals recommended by the Appli ..... 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The said financial statements should be prepared and filed by the Liquidator with the relevant regulators such as Registrar of Companies, Income Tax Authorities, etc.; and (o) Direct the Liquidator that all the compliances for the period up to the Date of Acquisition including filing of necessary documents and returns with the Registrar of Companies, Income Tax Authorities and other Government Authorities should be completed; and (p) Direct that the brought forward tax losses of the Corporate Debtor be permitted to be carried forward and set-off against future income as change of shareholding of the Corporate Debtor is pursuant to the bid submitted by the Applicant under the E -Auction Process; and (q) Direct that the eligibility of the Corporate Debtor to claim incentives under the Package Incentive Scheme, as framed by the Government of Maharashtra, shall be extended for a period of 5 (five) years from the Date of Acquisition; and (r) Direct that the bid submitted by the Applicant should be considered to be a resolution plan under Section 79 of the Income Tax Act, 1961; and (s) Direct the State Industrial Corporation of Uttaranchal Limited ( SICUL ) to transfer th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of Rs. 54,75,7500/- (75% of total consideration) along with interest of Rs. 1,09,51,500 for the period 03.07.21 to 01.09.2021 and further interest @12% P.A. till the date of actual payment, for purchase of Corporate Debtor in liquidation as going concern in totality along with its employees/ workers; d) Direct the Respondent to maintain status quo and not take any coercive steps against the Applicant till disposal of the IA No. 3153 of 2021 and the present application; e) Pass such other order(s) as this Hon ble Tribunal may deem fit in the facts and circumstances of this case. lA-5255/2021 This is an application filed by the Liquidator seeking following reliefs:- a) Allow the present application and permit the Liquidator i.e. the Applicant to cancel the Sale of Corporate Debtor as a going concern in view of the failure of Respondent to make payment in terms of 2nd proviso to Clause 1 (12) under Schedule I of the Liquidation Process Regulations, 2016; and b) Consequentially, grant further time to the Applicant to conduct a fresh E-Auction in the matter of the Corporate Debtor as a going concern, which is in the interests of the Stake holders and for maxim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Payment Timeline Amount payable (INR) Payment of balance sale consideration amount without any interest (within 30 days of sale confirmation mail) 03rd July 2021 54,75,75,000/- OR Payment of balance sale consideration amount Rs. 54,75,75,000/- with interest @12% (after 30 th days as specified above but within 90 th day of sale confirmation mail) On or before 1 st September, 2021 Balance amount plus interest @ 12% till date of payment h. On failure of respondent to make payment towards balance sale consideration, applicant sent e-mails dated 05.07.2021 and 31.08.2021 to Respondent to make payment. i. IA-3153/2021 filed by respondent on 21.07.2021 praying for various reliefs and concessions. j. IA-4317/2021 filed by respondent praying for early disposal of IA-3153/2021 and for extension of time period by 25 days for payment of balance consideration. k. 11th 12th meeting of Stakeholders Consultation Committee (SCC) convened on 03.09.2021 and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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