TMI Blog2022 (3) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... e method which was known to all the parties the originator of the proposal must in consideration of his vision and his initiative be given to the benefit of matching the highest bid submitted. Further has also held that an unsolicited bid or a proposal received from a developer can thus be subjected to a bidding process by different modes including the Swiss challenge method. The Applicant/ Liquidator is hereby allowed to fix Proposal -A as base price and accordingly adopt Swiss Challenge Method including the proposals received after the specified timeline considering the fact of maximization of the value of the Corporate Debtor - Application allowed. - MA/122/2021 in CP/759/1B/2018 - - - Dated:- 11-3-2022 - JUSTICE (RETD.) S. RAMATH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 by the Hon ble NCLAT thereafter the same was dismissed. Again the said suspended director has approached the Hon ble Supreme Court of India by way of an Appeal and Review, both of which was dismissed. 3. The Learned Counsel for the applicant submitted that pursuant to the order of the Hon ble NCLAT, the applicant/Liquidator has caused Public Announcement as per Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 on 13.03.2021 at the places of the Registered and Principal Offices of the Corporate Debtor and the same was also published in the IBBI website. 4. It is submitted that the last date for submission of the claims specified in Form B was extended till 31.08.2020. The claims received till 02.09.2020 was verifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terested parties to take over the business of the Corporate Debtor as a Going Concern. Pursuant to which, 13 parties evinced interest out of which only 3 parties have submitted the proposal. The same was discussed in the first stakeholders committee (SCC) meeting, then discussions as to improvising the proposal amount was carried out with the prospective buyers. Thereafter, the same was discussed in the second and third meetings. Later during the fourth SCC meeting all the three proposals were unanimously rejected. Later during the fifth SCC Meeting suggestions were given as to issue afresh public announcement inviting EoI, owing to which a public announcement was made on 16.06.2021; in response thereto two proposals were received out of 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.50 - Vehicles, office Equipment, Furniture Fixtures, Computers and Electrical Fittings 1.83 Total 54.81 44.64 Discount to Liquidation Value 10.17 Percentage of Discount 18.55% B. Galaxy Freight Private Limited (Proposal - C) Particulars Liquidation Value Rs. In crore Proposal Officer Rs. In crore - Container Freight Station (Land and Building) 41.82 - Sipcot' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Limited Swiss Challenge Voted for 2 - 2 Voted for 25% 0% 25% Voted against 2 4 2 Voted against 25% 50% 25% Abstained from voting 4 4 4 Abstained from voting 50% 50% 50% Total No of Persons 8 8 8 Total Percentage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de by the Learned Counsel for the Applicant and perused the documents placed on record. At this juncture it is relevant to refer Ravi Development vs. Shree Krishna Prathisan and ors. (Civil Appeal No.3459 of 2009) in which the Hon'ble Supreme Court has held with respect to adoption of Swiss Challenge Method that The method is transparent inasmuch as all the parties were well aware of the right of first refusal accorded to the originator of proposal . As per the method which was known to all the parties the originator of the proposal must in consideration of his vision and his initiative be given to the benefit of matching the highest bid submitted. Further has also held that an unsolicited bid or a proposal received from a developer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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