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2023 (3) TMI 804 - AT - Insolvency and BankruptcySale of the Corporate Debtor, as a Going Concern, by means of a Private Sale - Seeking to consider the Proposal of the Petitioner / Appellant, for Swiss Challenge Method - wanton omission, breach and collusion, in between the Parties, in Compliance of the Order - it is the stand of the Petitioner / Appellant that the Offer of the Petitioner / Appellant, is more than the value offered by the 2nd Respondent, before the 1st Respondent, and that the Appellant’s Proposal dated 08.11.2021, to purchase the Corporate Debtor / Company, as a Going Concern, is much beneficial to the Stakeholders Committee and Economy, at large. HELD THAT:- It must be borne in mind that the Proposals of one M/s. Galaxy Freight Systems and the Proposal of the 2nd Respondent / G C Logistics India Private Ltd., was placed before the Stakeholders Consultation Committee, and MA No.122 of 2021, was filed by the 1st Respondent / Liquidator, for a Swiss Challenge Auction, to be held, which was allowed, by the Adjudicating Authority, through its Order, passed on 11.03.2022. In the Swiss Challenge Auction, which took place on 06.04.2022, in which, the 2nd Respondent, was named as a Successful Bidder, and it satisfied the payment of Rs.44,64,00,000/-. Further, the purchase of the Corporate Debtor, as a Going Concern, by the 2nd Respondent, was allowed, by the Adjudicating Authority, through its Order, passed in IA(IBC)/1018/CHE/2022 in main CP/759/IB/CB/2018. In so far as the present case is concerned, it is brought to the fore that the New Management of the Corporate Debtor, had issued two communications dated 02.02.2023, whereby and whereunder, the 2nd Respondent had announced a Welcome Bonus, to all the employees of the Corporate Debtor. Also that, the Sale Proceeds, received in Full, from the 2nd Respondent, was distributed to the Stakeholders, as per the ingredients of Section 53 of the Code - Not resting with the above, this Tribunal, keeping in mind of a primordial fact that the Petitioner / Appellant, is not a Stakeholder, in the Liquidation Process of the Corporate Debtor, and in any event, has no substantial interest in the Corporate Debtor, comes to a cocksure conclusion that the Petitioner / Appellant, has no vested interest in the Corporate Debtor, and in view of the fact that the entire Management, was handed over to the 2nd Respondent and the entire Sale Proceeds, were distributed to the Stakeholders, the Leave sought for by the Petitioner / Appellant, to prefer the instant Comp. App (AT) (CH) (INS.) No. 33 of 2023, before this Tribunal, is not acceded to. Appeal dismissed.
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