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TMI Blog2024 (4) TMI 633X X X X Extracts X X X X X X X X Extracts X X X X ..... n issuing a direction for issue of a fresh Notice of conducting sale to other interested parties one party had been already expressed interest. The submission of Sh. Abhijeet Sinha that Sachani Developers who had shown interest and filed an I.A. No.261/2024 subsequently withdrawn his offer by letter dated 26.02.2024 there is no occasion to proceed with the Auction any further. The Auction Notice was already issued on 21.02.2024 and the letter dated 26.02.2024 was issued by Sachani Developers on 26.02.2024 subsequent to e-Auction and in pursuance of Notice for fresh Auction, EMD has already been received at least by one party - fresh Auction need to be conducted by issuance of corrigendum by Liquidator in continuation of the e-Auction Notice by 21.02.2024 by fixing a date within two weeks from today for conduct of the e-Auction. The Liquidator in the corrigendum may also state that the successful bidder has to pay all the dues of MIDC. The interest of the Appellant Eshan Minerals Private Limited are also protected by the impugned order since the bid given by the Appellant has been treated to be anchor bid. In event no higher bid is received in a Swiss Challenge Method, private sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor. iii. The Respondent/Manish Gupta in both the Appeals is the Liquidator of the Corporate Debtor appointed by the Adjudicating Authority. iv. Liquidator issued 6 e-Auction Notices to sell the property of the Corporate Debtor i.e., on 22.02.2019, 27.03.2019, 03.05.2019, 28.10.2020, 24.12.2020 and 08.10.2021, all the e-Auctions failed. Reserved price of the last e-Auction was ₹15,71,06,250/-. v. Eshan Minerals Pvt. Ltd. (Appellant in Comp. App. (AT) Ins. No. 452 453/2024) sent an offer of private sale on 20.09.2023, offering to take the property for an amount of ₹15,72,00,000/- plus GST. vi. The offer of Eshan Minerals Pvt. Ltd. was revised to ₹15,80,00,000/- plus GST. The Eshan Minerals Pvt. Ltd. also made and payment of ₹3,95,00,000/-, i.e., 25% of the sale consideration as Earnest Money Deposit (EMD) was approved by the Financial Creditor on 16.11.2023. vii. The offer of the Appellant was also placed before the Financial Creditor, who approved in its Meeting of the Creditors dated 16.11.2023. viii. On 21.11.2023, Letter of Intent (LoI) was issued by Liquidator to the Eshan Minerals Pvt. Ltd. ix. On 23.11.2023, an email was received from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aforesaid, we are of the view that auction in pursuance of the impugned order may not be held till further order. Let reply be filed by the Respondents within 10 days from today. List this Appeal on 20.03.2024. 5. In view of the interim order dated 05.03.2024, Auction scheduled to take place on 05.03.2024 could not take place. Liquidator has filed an Affidavit bringing on record the publication dated 21.02.2024. 6. It is further stated by the Liquidator that in pursuance of the said publication an EMD has been received by one party and EoI was submitted by Best One Infraventures Pvt. Ltd. but no EMD was submitted. One M/s. SD Reality has submitted EoI along with EMD and deposited the EMD which is kept in the Fixed Deposit. 7. Appellant in Comp. App. (AT) Ins. No. 651/2024, Best One Infraventures Pvt. Ltd., after e-Auction Notice issued by Liquidator dated 21.02.2024 sent a letter 27.02.2024 to the Liquidator enquiring about the outstanding dues of MIDC (Maharashtra Industrial Development Corporation) on the property. Best One Infraventures Pvt. Ltd. claimed to have prepared a Demand Draft of ₹1,58,00,000/ towards deposit the EMD, but Demand Draft was not deposited. 8. Best On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant is interested in participating in the bidding process of the Corporate Debtor. It is submitted that Liquidator has not clarified about the dues of the MIDC. It is submitted that it was obligated for Liquidator to find out the current dues of the MIDC and transparency requires that dues of MIDC be informed to all the prospective bidders to submit their bid. It is submitted that Appellant has prepared a draft of ₹1,64,00,000/- to submit EMD. Adjudicating Authority did not commit any error in issuing a fresh e-Auction Notice. 13. Learned Counsel for the Liquidator refuting the submission of Sh. Amar Dave submits that Appellant-Best One Infraventures Pvt. Ltd. although submitted the EoI but did not submit an EMD hence, they were not entitled to participate in the bid in the Auction. It is submitted that Liquidator has already filed an application before the Adjudicating Authority being I.A. No.830/2022 seeking a direction again the MIDC that no transfer charges are payable to the MIDC, which application is still pending. MIDC has already informed about its pending dues of ₹17,16,64,355/- till 04.12.2020 and transfer fee which amount must have increased by time, sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the private sale has to be conducted in a manner so as to maximize the realizations from the sale of assets. The Hon ble NCLAT in the case of State Bank of India Vs. Bhuvee Stenovate Private Limited and Ors. Comp. App. (AT) (Ins) No. 1013/2022 observed that the Liquidator, for conducting private sale is not to identify one buyer and sell the assets; rather, strategy has to be made to approach the interested buyer for assets which is with the object to attract more and more interested buyers to maximize the realization from the sale of assets. Keeping in mind the above decision and considering the interest shown by the Applicant in IA.No.261/2024, we feel it appropriate to give an opportunity to the Applicant in IA No.261/2024 and other interested parties, if any, to participate in the sale process. 18. The Adjudicating Authority after noticing the sequence of the event and the fact that offer of private sale was received from the Appellant/Eshan Minerals Private Ltd. and the Liquidator had not to identify one buyer and sell the assets rather strategy has to be made to approach the interested buyer for asset with the object to attract more and more to maximise the realisation f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any error in issuing a direction for issue of a fresh Notice of conducting sale to other interested parties one party had been already expressed interest and filed I.A. No.261/2024. 23. The submission of Sh. Abhijeet Sinha that Sachani Developers who had shown interest and filed an I.A. No.261/2024 subsequently withdrawn his offer by letter dated 26.02.2024 there is no occasion to proceed with the Auction any further. The Auction Notice was already issued on 21.02.2024 and the letter dated 26.02.2024 was issued by Sachani Developers on 26.02.2024 subsequent to e-Auction and in pursuance of Notice for fresh Auction, EMD has already been received at least by one party. 24. We thus are of the view that fresh Auction need to be conducted by issuance of corrigendum by Liquidator in continuation of the e-Auction Notice by 21.02.2024 by fixing a date within two weeks from today for conduct of the e-Auction. The Liquidator in the corrigendum may also state that the successful bidder has to pay all the dues of MIDC. 25. The interest of the Appellant Eshan Minerals Private Limited are also protected by the impugned order since the bid given by the Appellant has been treated to be anchor bid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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