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Judgment
24.07.2025: Heard counsel for the Appellant as well as Mr. Raunak Dua, appearing for the Respondent. This appeal has been filed against the order dated 18.09.2023 passed by in MA No. 3845 of 2019 in I.A. No. 3845 of 2019 which were dismissed as pre mature. In the appeal the Appellant has prayed for following reliefs:
(A)instant appeal may kindly be allowed and the Impugned Order dated 18.09.2023 passed by the Hon'ble NCLT, Mumbai Bench in Miscellaneous Application No. 3845 of 2019 in Company Petition No. 3638 of 2018 may kindly be set aside/quashed; and
(B)This Hon'ble Appellate Tribunal be pleased to allow the appeal and to further allow the Appellant to match the bid of the highest bidder of the proposed transaction subject to the protection of the terms and conditions of the Memorandum of Agreement; In alternative to prayer clause B above this Appellate Tribunal be please to direct the proposed buyer/highest bidder of the proposed asset to abide by the terms and conditions of the Memorandum of Agreement
(C)any other order that this Hon'ble Tribunal may be pleased to pass in the facts and circumstances of the matter;
During submissions, learned counsel for the both the parties agreed that this appeal need to be disposed of in terms of alternative prayer(B). They further submitted that such disposal should be without prejudice to the final adjudication of I.A. No. 5036 of 2023.
In terms of alternative prayer(B), the is directing that proposed buyer or the highest bidder of the proposed asset to abide by the terms and conditions of memorandum of agreement dated 15.01.2023 which is at (Page 91 of the paper appeal book).
We make it clear that all the parties of the MOA shall abide by these directions. The appeal disposed of accordingly.