NCLT JUDGEMENT ON SECTION 35 AND 53 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 AND REGULATION 33 OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) REGULATION, 2016

 

 

 

 

NAME

MOBILE NO.

E-MAIL I’D

RANJEET KUMAR

8383098478, 9667769795

rk@courtkutchehry.com

JAI THAKUR

8130703334, 9355723300

jai.thakur@courtkutchehry.com

RAJEEV RANJAN

9334553249

rajiv.ranjan@courtkutchehry.com

ASHOK MISHRA

9718327746

sales@courtkutchehry.com

RAVI KUMAR


ravi.singh@courtkutchehry.com

Sunil G. Nanal Vs. Facor Steels Limited, (2020) 08 NCLT CK 0017

A Division Bench of the NCLT partially allowed the application filed by the Appellant for the Assets of sale as Private contract to Resolution Applicant and allow the proceeds of the Sale be distributed by the Liquidator as per Section 53 of the Insolvency and Bankruptcy Code, 2016. While partially allowing the application NCLT held that on seeing the Regulation 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016, it is clear that the Adjudicating Authority has the power to permit the private sale subject to certain conditions. In the case in hand since the secured creditors have already given their consent for private sale, this Adjudicating Authority is of the opinion that the request of the Liquidator be considered. Accordingly, the sale of the property of the Corporate Debtor by private treaty is allowed and liquidator is permitted to sell the property i.e. factory structure and sheds for Rs.15,00,00,000/- (Rupees Fifteen Crores Only) excluding applicable indirect taxes, stamp duty, cess, if any. NCLT further held that and in view of the provisions of Section 35 and Section 53 of the I&B Code, 2016 the liquidator is also seeking permission of this Bench to distribute the proceeds of the sale. However, the liquidator has to arrive at the amount available for distribution after deducting the costs, if any, as required under section 53(1)(a). Further there are no details as to amount payable to labourers in terms of section 53(1)(b)(i). Hence no directions can be given in respect of this prayer at this stage and he has to file application providing all the details preferably by serving a copy to the security interest holders over this asset.

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