TMI Blog2022 (7) TMI 773X X X X Extracts X X X X X X X X Extracts X X X X ..... not be of any assistance to the Appellant, as opined by this Tribunal. Appeal dismissed. - Company Appeal (AT)(CH)(Ins) No.238/2022 & IA Nos.509, 510, 511 & 570/2022 - - - Dated:- 11-7-2022 - [ Justice M. Venugopal ] Member ( Judicial ) And [ Mr. Kanthi Narahari ] Member ( Technical ) For the Appellant : Mr. E. Om Prakash , Senior Advocate For the Respondent : Mr. T. K. Bhaskar , Advocate for Liquidator ORDER ( VIRTUAL MODE ) Heard Mr. E. Om Prakash, the Learned Senior Counsel appearing for the Appellant and also Mr. T.K. Bhaskar, the Learned Counsel appearing for the Respondent / Liquidator of M/s. St. John Freight Systems Limited, Chennai 17. According to the Learned Senior Counsel for the Appellant, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Abstained from voting 4 4 4 Abstained from voting 50% 50% 50% Total No. of persons 8 8 8 Total percentage 100% 100% 100% 9. The learned counsel for the applicant / liquidator states that the reasons for not voting and voted against the resolution were recorded in the Ninth Stakeholders committee meeting. Further an offer from the promoter under Section 230 of Companies Act, 2013 was received by the liquidator with no sufficient clarity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 the developer can thus be subjected to a bidding process by different modes including the Swiss Challenge method. Accordingly, the Adjudicating Authority (National Company Law Tribunal, Division Bench-II, Chennai) directed the Applicant / Liquidator (in the Impugned Order dated 11.03.2022 passed in MA/122/2021 in CP/759/IB/2018) allowed to fix Proposal A , as base price and accordingly adopt Swiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly barred by Limitation period . In fact, the contention of the Learned Counsel for the Liquidator / Respondent is that the invocation of the Order of the Hon ble Supreme Court dated 10.01.2022 in Suo Motu Writ Petition (C) No. 3 of 2020 will not come to the rescue of the Appellant . On going through the contentions advanced on either side , this Tribunal without traversing upon the merits of the matter not delving deep into the same and also not expressing any opinion, one way or the other, simplicter, on the aspect of Limitation comes to a clear cut conclusion that the Instant Company Appeal (AT)(CH)(Ins) No.238/2022 preferred by the Appellant before the Office of the Registry on 10.06.2022 (vide diar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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