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Judgment
24.02.2026: Heard Ld. Counsel for Appellant and Ld. Counsel appearing for the liquidator.
This Appeal has been filed against and order passed by the Adjudicating Authority dated 24/06/2025 in IA(I.B.C.)/1728(MB)2025 and IA(I.B.C.)/2189 (MB) of 2024.
Appellant, by this Appeal, challenges the order of Adjudicating authority passed in IA(I.B.C.)/1728(MB)2025. In Appeal filed by the Appellant, Appellant has prayed for following reliefs.
RELIEFS SOUGHT
“In view of the aforesaid facts, points in dispute, question of law and the grounds/ submissions made/ raised hereinabove, the Appellant requests this Hon’ble Appellate Tribunal to:
a. Allow the captioned Appeal;
b. Set aside the NCLT Order dated 24 June 2025 to the limited extent that it rejects/ does not approve the “Indicative Acquisition Structure” as sought in para 5.4 of IA 1728 of 2025.
c. Grant and approve the relief sought in para 5.4 of IA 1728 of 2025, seeking approval of the “Indicative Acquisition Structure”.
d. Pass such further order or orders as this Hon’ble Tribunal may deem fit and proper in the facts of the present case”.
The reliefs prayed in the Appeal is only confined to Para 5.4 of I.A. 1728 of 2025. Para 5.4 of the I.A 1728 of 2025 is as follows :
“5.4.The Indicative Acquisition Structure stands approved in its entirety, without the Successful Bidder requiring to make any separate applications before any court/tribunal/regulatory/governmental authority and direct that the order of this Hon'ble Tribunal approving the Indicative Acquisition Plan be treated as if the necessary approvals have been obtained under the provisions of Companies Act, 2013, Foreign Exchange management Act, 1999, Securities and Exchange Board of India Act, 1992 ("SEBI Act") and the rules and regulations framed thereunder, including consent of shareholders and creditors of the Corporate Debtor.”
The Appellant was successful auction purchaser of the CD as a going concern and after sale was given confirmation, an Application was filed in I.A. (IBC)/1728/MB/2025 praying for various reliefs.
Adjudicating Authority, by the impugned order on 24/06/2025 has granted several reliefs and concessions, as noted in Para 13. Ld. Counsel for Appellant submitted that in Para 12, observations made by the Adjudicating Authority are to the effect that Adjudicating Authority is denying the benefit of sale as a going concern. It is further submitted that the prayers made in Para 5.4 deserved to be considered and allowed.
We have considered submissions of the Counsels for Parties and perused the record. When we look into Para 12 and 13 of the impugned order, it is clear that despite making observations in Paragraph 12, the Adjudicating Authority has granted reliefs and concessions in Paragraph 13 (a) to (x), including the concessions regarding extinguishments of debts, monetary or non-monetary, known or not known, filed or not filed, verified or not verified.
Reliefs, having been confined only to Para 5.4 as noted above, which claims that indicative acquisition structures stand approved in its entirety without successful bidders requiring to make any separate application before any Court/ Tribunal/ Regulatory Government Authorities and direct that this Tribunals approving the indicative acquisitions, he treated it necessary approval have been obtained under provisions of Companies Act, Foreign Exchange Management Act 1999 and Exchange Board of India Act 1992.
The Appellant’s prayer is too wide and cannot be accepted. The Applicant, successful bidder has to make an application before the Statutory Regulating Authority for necessary permissions, which cannot be treated to have been granted as relief and concessions by the Adjudicating Authority.
10 We thus are of the view that prayer in the Appeal, with respect to Para 5.4 cannot be granted. We do not find any error in the order of the Adjudicating Authority.
We make it clear that it shall be open for the successful auction purchaser to make appropriate Application before various Regulatory Authorities, which may be considered in accordance with law.
Appeal dismissed with the above observations.