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2020 (9) TMI 363 - NATIONAL COMPANY LAW TRIBUNAL COURT, MUMBAI BENCHJurisdiction - power of liquidator to sell the immovable properties and actionable claims of the Corporate Debtor in liquidation through public auction or private contract - Regulation 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016 and Section 53 of the Insolvency and Bankruptcy Code, 2016 - Distribution of Sale Proceeds - HELD THAT:- The Adjudicating Authority has the power to permit the private sale subject to certain conditions. In the case in hand since the secured creditors have already given their consent for private sale, this Adjudicating Authority is of the opinion that the request of the Liquidator be considered. Accordingly, the sale of the property of the Corporate Debtor by private treaty is allowed and liquidator is permitted to sell the property i.e. factory structure and sheds for ₹15,00,00,000/- excluding applicable indirect taxes, stamp duty, cess, if any. In view of the provisions of Section 53 of the I&B Code, 2016 the liquidator have to act as provided under Section 53 of the Code for which the specific direction is not required from this Adjudicating Authority - In view of the above provisions of Section 35 and Section 53 of the I&B Code, 2016 the liquidator is also seeking permission of this Bench to distribute the proceeds of the sale. The liquidator has to arrive at the amount available for distribution after deducting the costs, if any, as required under section 53(1)(a). Further there are no details as to amount payable to labourers in terms of section 53(1)(b)(i). Hence no directions can be given in respect of this prayer at this stage and he has to file application providing all the details preferably by serving a copy to the security interest holders over this asset - Application partially allowed.
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