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2023 (7) TMI 266 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIDifficulty faced by the Successful Auction Purchaser of Corporate Debtor as Going Concern - Scope of E-Auction documents, conditions and agreements - Discharge of past statutory dues and liabilities including tax dues - Liquidation of Corporate Debtor - HELD THAT:- When the process document clearly contemplated such consequences the said consequences shall ensue on sale as going concern and if any roadblocks come into ways of successful resolution applicant, necessary directions, clarifications can very well be issued by the Adjudicating Authority on an Application filed under Section 60(5)(c) of the Code - Further the process document clearly contemplated that transfer of ownership of the corporate debtor shall take place by way of writing off entire existing shareholding of the corporate debtor and issuance of fresh equity shares to the successful bidder. The share shall be included in the name of Successful Bidder and will not be issued in any other name. In view of the subsequent facts and notices brought on record by the Appellant and other terms and conditions of the process document as extracted, the ends of justice will be served in granting liberty to file an Application before the Adjudicating Authority claiming reliefs/concessions/directions which may be necessary for operationalisation of the Corporate Debtor as per terms and conditions of the process document. While granting such liberty to the Appellant it is observed that law is well settled, a successful bidder who is declared as successful bidder of sale as going concern can seek access of the Adjudicating Authority and may pray for necessary directions in accord with and in consonance with the process document in the liquidation proceedings. In result, appeal partly allowed and it is held that applicant’s prayers i.e. relief/concessions/directions needs consideration by the Adjudicating Authority for which liberty granted to the Applicant to make a fresh Application containing prayers which may be commensurate and in accord with terms and conditions of the process document of e-auction process document. Appeal disposed off.
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