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Judgment
The case is fixed for pronouncement of order.
The order is pronounced in open court vide separate sheet.
[Per: VIRENDRA KUMAR GUPTA, MEMBER (T)]
Through this application, the applicant is seeking some correction / modification in our findings. The existing findings wherein such modification is sought read as under:
40(2)... We hereby approve the sale of the Corporate Debtor as a going concern as prayed by the liquidator for consideration of Rs.425.50 Crores plus net Current Operations Liabilities ( Cap upto Rs.25 lakh). The Successful Bidder shall complete the sale process by paying balance consideration amount within 30 days from the date of this order and upon payment of entire sale amount all the rights and title and interest in whole and every part of the Corporate Debtor including but not limited to intellectual property rights continue to vest in the Corporate Debtor.
40(7)(b).. We hold that existing share capital held by promoters / their associate concerns and non-public shareholders other than the existing public shareholding in the Corporate Debtor shall stand extinguished. Public shareholding in the Corporate Debtor shall be maintained as per prescribed norms and relevant guidelines of SEBI and / or IBBI.
Considering the submissions made by the applicant, the said findings are modified as under:
40(2) We hereby approve the sale of the Corporate Debtor as a going concern as prayed by the liquidator for consideration of Rs.425.50 Crores plus net Current Operations Liabilities ( Cap upto Rs.25 lakh). The Successful Bidder shall complete the sale process by paying balance consideration amount within 30 days & in accordance with paragraph 1(12) of Schedule-1 of the liquidation process Regulation, 2016 from the date of this order and upon payment of entire sale amount all the rights and title and interest in whole and every part of the Corporate Debtor including but not limited to intellectual property rights continue to vest in the Corporate Debtor.
40(7)(b. We hold that existing share capital held by promoters / their associate concerns and non-public shareholders other than the existing public shareholding in the Corporate Debtor shall stand extinguished. 95% shareholding of the Corporate Debtor will be held by successful auction bidder and Public shareholding in the Corporate Debtor shall be maintained at 5%.
In view of the above, IA 671 of 2021 stands allowed and disposed of.
The Registry is directed to communicate a copy of this order to the Applicant, Respondent and to the Resolution Professional and the concerned Registrar of Companies, after completion of necessary formalities, within three working days and upload the same on website immediately after pronouncement of the order.