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Judgment
O R D E R
04.07.2024: Heard Counsel for the Appellant as well as Counsel appearing for the Liquidator.
This appeal has been filed against an order dated 11.04.2023 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Court – II, Kolkata) in IA (IB) No. 1139/KB/2022 in C.P. (IB) No. 68/KB/2021, by which application filed by Resolution Professional (RP) praying for liquidation has been allowed and the Corporate Debtor was ordered to be admitted to liquidation in terms of Section 33(2) of the Code.
The grievance of the Appellant as raised in the appeal is that Liquidator has not proceeded to sell the Corporate Debtor as a going concern. It is submitted that Liquidator was requested to take steps to sell the mill as a going concern.
Noticing the Submission of the Counsel for the Appellant Notices were issued in this appeal on 01.06.2023, Liquidator appeared and informed the Court that Liquidator is proceeding to sell the mill as a going concern, which statement was recorded on 01.09.2023, which is as follows:
“Learned counsel for the Liquidator submits that the Riga Sugar Mill has been sold as a going concern in the liquidation process for a consideration of Rs.101 Crores. Learned counsel for the Appellant has no information about the same. Learned counsel for the Liquidator seeks two weeks’ time to file an affidavit to bring on record the details of proceedings. List this Appeal on 27.09.2023.”
Learned Counsel for the Appellant himself has submitted that sale was made as a going concern but sale failed due to non-payment of the amount for which the bid was submitted.
Learned Counsel for the Liquidator submitted that Liquidator has issued further e-Auction Notices for sale of the mill as a going concern.
In view of the aforesaid, we are of the view that apprehension of the Appellant that the assets shall not be sold as a going concern is misconceived.
Learned Counsel for the Liquidator submits that in event the Liquidator has to proceed by any other mode, the appropriate permission of the Adjudicating Authority as per regulations shall be obtained after the consultation with the Stakeholders Consultation Committee (SCC).
It is further submitted that Appellant is also a Member of the SCC.
We only record that the Liquidator shall take further steps in accordance with liquidation Regulations, 2016. With the aforesaid observations, we dispose of the appeal. With regard to any further steps taken, Parties shall be at liberty to take such remedies as available in law.