Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (4) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 9 - NATIONAL COMPANY LAW TRIBUNAL , PRINCIPAL BENCH, NEW DELHISeeking permission to carry out the sale of the Corporate Debtor, as a going concern - Sections 35(1)(N) & 60(5)(C) of The Insolvency & Bankruptcy Code, 2016 read with Regulation 44(2) Of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - HELD THAT:- It is seen from the record, that the Stakeholder Committee Meeting, held on 11.11.2021, where they have already approved the aforesaid proposal, with more than 83.37% voting share, as mentioned at Para 26 of the present application. The Corporate Debtor is an Engineering Procurement and construction contractor and has been executing projects in many states of India. The Corporate Debtor was brought under Liquidation vide order 21.08.2018. The amount realised is based on the sale of the property of the corporate debtor, which has been distributed to the stakeholders. Few more assets of the Corporate Debtor are available at the project sites, which are required to be sold, as a going concern and value maximisation will be affected and beneficial to the stakeholders. These two projects required further time, resources and efforts and the liquidator. Therefore, it seems appropriate that it should be sold as a going concern, to that effect the stakeholders have already given their consent - application allowed.
|