TMI Blog2021 (3) TMI 302X X X X Extracts X X X X X X X X Extracts X X X X ..... first e-auction was held on 26.04.2019, in which no bidders were shown their interest. The second round of e-auction was held on 26.06.2019, even though one bid was received, the transaction could not be done due to technical issues. Based on the direction from NCLT, Chennai Bench, another round of e-auction was conducted on 09.08.2019. The sole bidder had given separate bid as laid down in public notice for three shop rooms only. Other assets of the company have no bidders for the second and third e-auction sale - During the hearing on 27.01.2021, this Tribunal finds that the Liquidator has not attached any document to show that the 9 cents of land is owned by the Company. The liquidator has also not produced the valuation certificate issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e limited company having its CIN (Corporate Identity Number) as U65992KL1996PTC011021 and having its registered address at Ecomark Building, TB Road, Kokala, Thrissur. The Liquidation Order under section 33(1)(a) of Insolvency and Bankruptcy Code 2016 (IBC) was issued after the failure of Corporate Insolvency Resolution Process as laid down in the IBC. The time limit for completion of Liquidation was 2 years which was later amended to be completed in one year. Thereafter, this Tribunal through its order dated 20th January 2020 extended the liquidation proceedings till 15.01.2021. This application was filed by the Liquidator for the following reliefs: i. To extend the liquidation proceedings for another one year from 15.01.2021 to 15.01.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted through Sub-Court, for recovering the dues from loan taken by Late Chacko Puthokkaran and Sherly Puthokkaran. Due to the constant efforts, one of the family members of the has shown interest in buying the said property through private sale. 4. It is stated that the Regulations allows the Liquidator to reduce the reserve price by 25% and also seek the direction of the Tribunal to conduct private sale in the event of no sale happening after E-Auctions. The land in question consists of 9 cents, which has been categorised as wetland in the government records and there exists certain legal restrictions with regard to filling of such properties as per prevailing provisions. This restriction coupled with general down turn in the economy due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Affairs. 7. I have heard the learned Liquidator in this matter and perused the documents submitted by him. For considering the prayer of mode of sale, Regulation 33 of IBBI (Liquidation Process) Regulations, 2016 may be referred to, which reads as follows: 33. Mode of sale. (1) The liquidator shall ordinarily sell the assets of the corporate debtor through an auction in the manner specified in Schedule I. (2) The liquidator may sell the assets of the corporate debtor using private sale in the manner specified in Schedule I when- (a) the asset is perishable; (b) the asset is likely to deteriorate in value significantly if not sold immediately; (c) the asset is sold at a price higher than the reserve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further stated that he had sent letters to the creditors to know whether they are interested in buying the same by setting of the dues payable to them. One of the prospective buyer showed willingness to buy the property in private sale for a lesser value. 9. During the hearing on 27.01.2021, this Tribunal finds that the Liquidator has not attached any document to show that the 9 cents of land is owned by the Company. The liquidator has also not produced the valuation certificate issued by the valuer. The liquidator was therefore, directed to file an affidavit with proof, within a week with regard to the ownership of 9 cents of land and the certificate of the valuer on the value of the aforesaid 9 cents. The liquidator was further direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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