Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 103 - AT - Insolvency and BankruptcyApproval of acquisition plan submitted by the Respondent Nos. 5 to 8 - rejection of appointment of Independent Forensic Auditor - HELD THAT:- Liquidator did not commit any error in making an application to the Adjudicating Authority for approval of the sale and after approval of the sale, inviting the Successful Bidder to deposit the balance bid amount. The sale was approved by the Adjudicating Authority on 11th May, 2022 and within 10 days, Successful Bidder had deposited the entire balance amount. Thus, there is no breach of any provision of Liquidation Regulations, 2016 especially cause 12 of Schedule I. The Successful Bidder has been sold the Corporate Debtor for Rs. 49.95 Crores that is much above the reserve price. Liquidator is entitled to fix the auction price as per the liquidation valuation and the provisions of Liquidation Regulations, 2016. It is not the case of any of the parties that fixing the reserve price on Rs. 51 Crores in the First Auction, there was any challenge to the reserve price. The submission of Learned Counsel for the Appellant that reserve price is less, cannot be accepted. Learned Counsel for the Appellant has also contended that there being higher offer before the Liquidator that is offer made by Gurpreet Singh Vohra of minimum Rs. 62 Crore, same ought to have been accepted and considered by the Liquidator. It is to be noted that offer made by Mr. Vohra was subsequent to auction held for sale of the corporate debtor as a going concern - Submission of Learned Counsel for the Liquidator is that letter written on behalf of Gurpreet Singh Vohra is nothing but letter at the instance of the Appellant which is another attempt to create hurdles in sale of corporate debtor as a going concern. Mr. Gaurav Mitra, Learned Counsel appearing sought to intervene and contend that Mr. Vohra is still ready to offer higher amount. Such request of Mr. Vohra cannot be entertained at this stage. Adjudicating Authority did not commit any error in passing the Order dated 11th May, 2022 approving the Auction of Corporate Debtor as a going concern in favour of Respondent Nos. 5 to 8. The Adjudicating Authority also did not commit any error in rejecting the Application filed by the Appellant praying for appointment of ‘Independent Forensic Auditor’ for conducting a forensic audit. The said application has rightly been rejected by the Adjudicating Authority. Appeal dismissed.
|