TMI Blog2023 (3) TMI 1476X X X X Extracts X X X X X X X X Extracts X X X X ..... 507, 511 of 2023 - - - Insolvency & Bankruptcy - Auction of the Corporate Debtor as a going concern - lease deed continues in the name of Corporate Debtor - sale of shares of corporate debtor - HELD THAT:- There is no dispute between the parties that there was a lease by the Chandigarh Administration and the auction of the Corporate Debtor was proposed as going concern. The letter dated 06th May, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder - appeal dismissed. - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellant : Mr. Abhijeet Sinha, Mr. Kumar Anurag Singh, Mr. Zain A Khan, Advocates For the Respondent : Mr. Gaurav Mitra, Mr. NPS Chawla, Mr. Ishan Roy Choudhury, Advocates for Successful Bidder. Mr. Manuj Nagarth, Mr. S. Vinod, Advocate for Mr. Navneet Gupta, Official Liquidator Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the impugned Order. 3. Mr. Abhijeet Sinha, Learned Counsel for the Appellant submits that the property was a leased property from the Chandigarh Administration and there was no permission taken from the Chandigarh Administration for transfer of the property. He further submits that under Regulation 32-A (4), if the sale of the corporate debtor is not done within 90 days from the liquidation co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Respondent submits that present is a case where lease deed continues in the name of Corporate Debtor hence what is sold is the shares of the corporate debtor. 7. Be that as it may, we do not find any error in the carrying out auction of the corporate debtor as going concern. 8. Further submission is that under Regulation 32A sub-clause 4, auction did not take place within 90 days hence assets o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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