9911796707
TMI Blog2022 (9) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... the Adjudicating Authority has allowed the Application IA 3169/2020 preferred by the Applicant/M/s. AAR AAR Technoplast Private Limited/the Auction Purchaser seeking a direction to the Appellant herein to acknowledge and record the transfer of ownership in the name of the Auction Purchaser. 2. Succinctly put, the facts in brief are that the CIRP was initiated against M/s. Neosis Industries Ltd./the 'Corporate Debtor' vide Order dated 28.09.2018 and Mr. Yogender Kumar Gupta was appointed as the IRP who was later confirmed as the RP. Subsequently, the 'Corporate Debtor' went into Liquidation vide Order dated 28.11.2019 and the RP was also appointed as the Liquidator of the 'Corporate Debtor'. The Liquidator published the sale of notice on 05.03.2020 for e-Auction of the property admeasuring 4050 sq. mts. and the constructed building of 2552 sq. mts. at Sector 8, IMT, Manesar District Haryana, fixing 17.03.2020 as the e-Auction date and Rs.6,50,00,000/- as the Minimum Reserve Price for the said property. While so, the applicant was declared as the 'Successful Bidder' and a letter of intent dated 18.03.2020 was issued in his name. The Liquidator, on receiving full consideration of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Code. Learned Counsel placed reliance on the Judgement of the Hon'ble Supreme Court in 'Municipal Corporation of Greater Mumbai' Vs. 'Abhilash Lal & Ors.', (2020) 13 SCC 234 and also relied on the ratio of the Hon'ble Apex Court in the Judgement of 'Telangana State Southern Power Distribution Company Ltd.' Vs. 'Srigdhaa Beverage', (2020) 6 SCC 4040, wherein the Hon'ble Apex Court has observed as follows: "It was noted by the Hon'ble Supreme Court that as an auction purchaser bidding in an "as is where is, whatever, there is an without recourse basis", the purchaser would have inspected the premises and made inquiries about the dues in all respects and as there is a specific mention of electricity dues as liability of the purchaser the purchaser was clearly put to notice in this behalf. Hence it was held that the liability to pay electricity dues exists on the purchaser." 5. Learned Counsel for the first Respondent/Auction Purchaser submitted that pursuant to the Order dated 12.11.2020, the first Respondent had addressed letters dated 05/01/2021, 25/01/2021 and 01.03.2021 to the Appellant to comply with the directions of the Adjudicating Authority and transfer the said prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erational Debt' before the Liquidator? 10. At the outset, it is relevant to see the terms of the Auction sale relied upon by the Learned Counsel for the Appellant : 11. It is the case of the Appellant that as the Auction was held on an 'as is where is basis' and on a 'non-recourse basis', it is stated that the assets of the 'Corporate Debtor' have been sold with all the existing and future encumbrances, 'the Auction Purchaser' is liable to pay the dues outstanding with the Appellant. It is seen from the record that the Company went into Liquidation on 28.11.2019 and the Successful Auction Purchaser, on paying the full sale consideration was issued a Sale Certificate subsequent to executing a Sale Deed for the subject property on 09.06.2020. 12. The material on record establishes that the Appellant herein had filed their Form-C on 09.03.2020 which was defective and the Liquidator vide email dated 09.03.2020 pointed out the deficiency and sought clarifications on the information provided. A reminder was also sent on 12.03.2020 to consider the claim of the Appellant herein as an 'Operational Creditor'. Subsequent to the e-Auction conducted and the receipt of the sale consideration, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion application knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does not on a fresh slate, as has been pointed out by us hereinabove. For these reasons, NCLAT judgement must also be set aside on this count." 14. We also find it relevant to place reliance on the principle laid down by the Hon'ble Supreme Court in 'Ghanshyam Mishra and Sons Private Limited' Vs. 'Edelweiss Asset Reconstruction Company Limited' (2021) SCC OnLine 313, wherein the Hon'ble Apex Court has observed as follows: "61. All these details are required to be contained in the information memorandum so that the resolution applicant is aware, as to what are the liabilities, that he may have to face and provide for a plan, which apart from satisfying a part of such liabilities would also ensure that the Corporate Debtor is revived and made a running establishment. The legislative intent of making the resolution plan binding on all the stakeholders after it gets the seal of approval from the Adjudicating Authority upon its satisfaction that the resolution plan approved by CoC meets the requirement as referred ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
