NCLAT (2024.04.12) in Kalyan Toll Infrastructure Ltd. Vs. Navin Khandelwal, Liquidator [(2024) ibclaw.in 235 NCLAT, Company Appeal (AT) (Insolvency) No.600 of 2024] held that;
The Appellant being Successful Bidder in the Liquidation Proceeding, reliefs and concessions as permissible under the liquidation process document and the Regulation are only admissible.
Excerpts of the order;
12.04.2024: Heard Mr. Pratik Tripathi appearing for the Appellant. This Appeal has been filed against impugned order dated 25.01.2024 passed by the Adjudicating Authority by which order the application filed by the Successful Bidder in the liquidation proceeding of the Corporate Debtor seeking various reliefs and concessions has been decided. The Adjudicating Authority vide Para 6.1 of the order has granted reliefs and concessions to the extent as indicated.
2. Appellant challenging the order contends that the Adjudicating Authority failed to grant necessary concession with regard to listing of company whereas the company is a listed company. The Adjudicating Authority by the impugned order has allowed the reliefs and concessions which according to the Adjudicating Authority was necessary for the Successful Purchaser in the liquidation proceeding. The Appellant referring to the Liquidation Regulation submits that acquisition plan under liquidation is akin to resolution plan under the CIRP and said benefits should also be allowed to the Appellant.
3. The Appellant being Successful Bidder in the Liquidation Proceeding, reliefs and concessions as permissible under the liquidation process document and the Regulation are only admissible and the Adjudicating Authority has granted the reliefs and concessions which was necessary for the Appellant to carry on the business. We see no reason to interfere with the order impugned. Appeal is dismissed.
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