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2020 (3) TMI 87 - Tri - Insolvency and BankruptcyAauction sale of the Corporate Debtor - directions to the Liquidator of the Corporate Debtor to hold an open auction afresh allowing them to participate in - Regulation 32(c) of Insolvency and Bankruptcy Board of India (Liquidation Process, Regulation) 2016 - HELD THAT:- It was made clear to the applicants that upon sale of the Corporate Debtor to them, it is for the Liquidator to disburse the sale proceeds as per water fall mechanism provided under Section 53 of the Insolvency and Bankruptcy Code, 2016. The Successful Bidder cannot suggest anything as to how such distribution to be done. We also directed the applicant to improve and enhance the payment schedule so as to enable the Liquidator to accept the bid. Accordingly, they filed the revised offer by affidavit dated 23.09.2019. We have gone through the entire record and proceeding of this case. Earlier Successful Bidder, M/S Maithan Alloys Limited has withdrawn offer, hence there was no purchaser of the Corporate Debtor. At that point of time, the applicants gave i proved offer to purchase the Corporate Debtor for sum of ₹ 70 Cr res. We hold that this offer of enhanced bid amount is in tune with the object of the Insolvency and Bankruptcy Code, 2016 i.e. maximization of the assets of the Corporate Debtor. Hence, we direct the Liquidator to accept the bid of the applicants. Application disposed off.
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