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2021 (7) TMI 618 - Tri - Insolvency and BankruptcySeeking approval of sale of Corporate Debtor as a going concern - section 60(5) of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- There are no disputes regarding the basic facts of the case such as Advertisement for sale of Intangible Assets viz. Credentials, Arbitration Receivables, Work-in-Progress (Contracts) of the Company under Liquidation as well as the Special Terms & Conditions stated in the Tender Documents and the process of e-auction conducted by the Liquidator in which the Impleading Respondents were declared as Successful Auction Purchasers. This Adjudicating Authority while dismissing the prayer of the Successful Bidder regarding adjustment of all the amounts received from the arbitration receivables, work-in-progress from the date of declaration of Respondents as Successful Bidder till date towards the balance bid consideration payable by the respondents, gave a specific direction to the Liquidator to provide Audited Financial Statements of the Company upto 30.09.2020 and also to provide copies of Agreements relating to ongoing projects and details of receivables until 30.09.2020 to the Respondents. It appears that the Successful Bidder, who is the Impleading Respondent herein has already paid 25% of the total bid value of ₹ 12.43 crores but has not made further payments to the Liquidator so as to complete the sale - both sides directed to take necessary steps for completion of the sale in terms of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and the terms of sale as advertised by the Liquidator in respect of the intangible assets of the company under liquidation. Application disposed off.
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