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2021 (5) TMI 11 - Tri - Insolvency and BankruptcySeeking direction upon the Responded to consider the offer of the Applicant in a time bound and transparent manner - seeking declaration that the sale of metal scraps and sheds of the Company in Liquidation as null and void - seeking to stay the process of Private Sale of the assets of the Company in Liquidation till further orders by this Hon'ble Tribunal - seeking to grant status quo qua sale of sheds by the Respondent - HELD THAT:- On perusal of the record, it is found that reserve price of the Surat material, scrap and sheds was fixed at ₹ 168 crores which the Liquidator succeeded in selling in Private Sale on the price higher than the reserve price in last failed auction at ₹ 168.11 crores. It is also to be mentioned herein that the reserve price is reflected in the Second Amendment to the Advertisement in inviting EoIs at page 75 of IA 136 of 2021 to the tune of ₹ 168 crores and its asset description and price can be seen from page 71-72 of the reply of the Liquidator, wherein the cost of ships and vessel under construction is included in the reserve price as ₹ 121 crores. Furthermore, Applicant of IA 238 of 2021 has paid total ₹ 169.11 crores i.e. higher than the reserve price. On perusal of the record, it is found that the delivery note was executed on 07.12.2020 and the final transfer was made after passing the order of Private Sale. Hence, the allegation that the Liquidator has entered for Private Sale prior to the permission granted by this Adjudicating Authority is not sustainable, in as much as, on 28.11.2020 no transfer has taken place. That apart, Liquidator has given the delivery note only on 07.12.2020 i.e. after getting the permission of Private Sale. It is also pertinent to mention herein that the material was also sold above the Reserve Price as per Regulation 33 of the Liquidation Process Regulations, 2016. Hence, there appears to be no irregularity. Application not maintainable.
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