2022 (11) TMI 1072 - AT - Insolvency & Bankruptcy
Valuation of Land - Liquidation proceedings - Issue attained finality - Appellant sought fresh valuation - NCLT imposed cost of Rs. 1,00,000/- Valuation under Regulation 35(2) of the Insolvency and Bankruptcy Board of India, (Regulation Process) Regulations, 2016 - HELD THAT:- The Learned Adjudicating Authority in the first round of litigation has not determined the nature of the land in question but has only decided the objections in regard to the valuation of land in question and that of the Sale of Notice, and observed that the Sale Notice was in accordance with the provisions of Regulations 35(3) & (4) of the IBBI (Liquidation Process) Regulations, 2016 - This Tribunal has categorically held that there is no defect in the Valuation Report and that as per the Rules in the Sale Notice, it is mentioned that sale is on an ‘as is where is basis’ and it is nowhere mentioned that the conversion fees for the land in question to ‘Industrial Use’ is Rs.110Crs./-
The Liquidator has brought to the Notice of this Bench that the land in question was earlier put to e-Auction during Liquidation in March 2019 with the Reserve Price of Rs.52.83Crs./- and no bid was received even at that price and that the Applicant had failed to identify any bidder despite several opportunities being given. The same was also recorded by this Tribunal in the initial round of Litigation.
The contention of the Learned Sr. Counsel that the Affidavit filed by MCF before the Hon’ble Supreme Court showing that the land was of ‘Industrial Use’, is not relevant at this point of time and therefore the subject land has to be revalued, is untenable as the Hon’ble Supreme Court has dismissed the Civil Appeal and upheld the Order of this Tribunal, whereunder this Tribunal has held that the Appellant was not able to produce any evidence before the Liquidator that the land was of ‘Industrial Use’. It is also an admitted fact that the Appellant did not pay the External Development Charges and there is an outstanding amount due with respect to the same.
This issue having attained finality in two rounds of litigation we are constrained to observe that the Appellant has filed this Appeal only to delay the proceedings, which practice is deprecated. We confirm the costs of Rs.1,00,000/- imposed by the Adjudicating Authority.