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TMI Blog2024 (10) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... section 60 (5) of the IBC, 2016 r/w Regulation 38 of IBBI, (Liquidation Process) Regulations, 2016 seeking the following reliefs (i) Grant an order permitting the Applicant to distribute the unsold assets being the amount recoverable from the corporate debtor and its erstwhile management under the action to be initiated against their previous preferential, undervalued and fraudulent transactions to an extent of Rs.-80,92,605/- along amounts of Rs.1,83,154.19/- (Rupees One Lakh Eighty Three Thousand One Hundred and Fifty Four and Nineteen Paise only) amongst the Respondents; (ii) Pass any such other orders/ direction/ reliefs as this Hon'ble Tribunal may deem fit and just in the facts of the case and thus render justice. FACTUAL MATRIX ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n application for private sale of the two vehicles/assets stated supra bearing IA No.898 of 2020 was filed by the Applicant and this Tribunal allowed the said application for private sale on 23.12.2020. 7. It is stated that the Applicant had started the process of coordinating with various agents and prospective buyers on Cardekho website for private sale of assets of the CD. Further an Application was preferred for extension of liquidation process of the Corporate Debtor by the Applicant in IA.No. 25 of 2021 and the said application was allowed by this Tribunal vide order dated 03.03.2021. 8. It is stated that, amounts realized were distributed by the Applicant to the creditors in a proportionate manner. 9. It is stated that the Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 2019 was dismissed by this Tribunal vide order dated 14.10.2022 where by liberty was granted to the Applicant to file fresh application in this matter. 14. It is stated that the amounts to be recovered from PUFE Transactions in MA.No. 1080 of 2019 in CP No.976 (IB) of 2018 by virtue of this Tribunal fall under the category of 'Not Readily Realisable Assets' (NRRA). 15. It is stated that, the feasibility of assignment of not readily realizable assets (NRRA) as per regulation 37-A of IBBI (Liquidation Process) Regulations, 2016 was placed before SCC meeting on 08.07.2022. Thereafter, the SCC decided that the Not Readily Realisable Assets (NRRA) of the Xllent Mariline India Private Limited (In liquidation) be assigned through Public e-auct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al circumstances. (2) The application seeking permission of the Adjudicating Authority under sub-regulation (1) shall- (a) identify the asset; (b) provide a value of the asset; (c) detail the efforts made to sell the asset, if any; and (d) provide reasons for such distribution. 22. The details of the NRRA which is sought to be assigned is as follows; 23. In the 5th SCC meeting held on 22.01.2024, it is seen that the Liquidator has proposed to assign the right to file PUFE proceedings for avoidance/recovery of amounts contemplated under the M.A.No. 1080 of 2019 (now disposed with liberty to file fresh proceedings). The assignment was accepted by VS & B Containers LLC during the meeting. It is seen that SCC with 66.82% voting (maj ..... X X X X Extracts X X X X X X X X Extracts X X X X
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