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Liquidator is empowered to sell property of corporate debtor; NCLT wouldn’t interfere after auction

February 29, 2020[2020] 114 taxmann.com 738 (NCL-AT)
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IBC : Where during process of liquidation of corporate debtor, Liquidator accepted bid of 'M' but NCLT by impugned order permitted 'M' to withdraw from process and accepted higher bid of respondents directing Liquidator to refund sum deposited by 'M', it was held that there was no provision in terms and condition of auction to withdraw from auction process once it was agreed by successful bidder i.e., 'M' and further that section 35(1)(f) empowers liquidator to sell property of corporate debtor in liquidation by public auction and there was no need for adjudicating authority to direct liquidator for considering proposal of respondents who had approached Adjudicating Authority after due date of finalisation of auction and, therefore, impugned orders of NCLT were to be set aside with direction to 'M' to complete sale transaction by paying sale consideration

• [State Bank of India v. Impex Metal and Ferro Alloys Ltd. [2020] 114 taxmann.com 735 (NCLT - Kolkata)(Annex 1); State Bank of India v. Impex Metal and Ferro Alloys Ltd. [2020] 144 taxmann.com 736 (NCLT-Kolkata)(Annex 2); State Bank of India v. Impex Metal and Ferro Alloys Ltd. [2020] 114 taxmann.com 737 (NCLT - Kolkata)(Annex 3) - Set aside]

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