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Judgment
IA-994/2020
It's an urgent mentioning by the Liquidator stating that owing to this Covid-19 situation and arrival of monsoon, he has sought for an equitable order to auction the vessels which have not been auctioned earlier.
It is also a fact that one of the intending bidders i.e. Greatship (India Limited & Anr.) earlier raised objection by filing MA-75/2020 before NCLT not to proceed with the auction of vessels, where upon, NCLT has already heard the matter and reserved the matter for orders.
In this unforeseen development of Covid situation and early arrival of monsoon, the Liquidator's counsel has submitted that since the auction process which was started earlier to auction twelve vessels of this corporate debtor has become redundant, the dispute involved in MA-75/2020 will not have any bearing over initiating fresh auction process with regard to these twelve vessels.
In view of this situation, the Greatship (India) Limited counsel has stated that to initiate auction process with regard to the twelve vessels, the objector will not have any objection to the liquidator to proceed with e-auction in the event auction process is initiated in accordance with Schedule-1 of Liquidation Process Regulations, 2016.
Based on the concession given by both sides, this bench hereby directs the Liquidator to conduct fresh auction to sell the twelve vessels of the corporate debtor as set out in Schedule-1 of Liquidation Process Regulations, 2016 with liberty to the Greatship (India) Limited to raise objection if the auction process initiated by the Liquidator is not as set out in Schedule-1 of Liquidation Process Regulations, 2016.
It is hereby made clear that this order will not cause any prejudice to the rights and contentions of any of the parties in MA-75/2020 with regard to auction of remaining seven vessels.
Accordingly, IA-994/2020 is hereby disposed of.