Amresh Shukla Liquidator For M/S ... vs Canara Bank Ltd. & Ors

In the matter of: Amresh Shukla Liquidator Girdharilal Sugar and Allied Inds Ltd (in Liquidation) Appellant

Vs Canara Bank Ltd & Ors Respondent For Appellant:Mr Bishwajit Dubey, Kr Kaustubh Rai, Mr Ambuj Swaroop, Advocates. For Respondent:Mr Hitesh Sachar, Ms Anju Jain, Ms Deeksha Kinjrani, Advocates for R1. Mr Amresh Shukla, Liquidator. ORDER

HYBRID MODE 28.07.2025: IA No.4283/2025:This application is moved by the applicant to

bring on record additional documents/facts. It is submitted in the 10th meeting

of the Stakeholders Consultation Committee (SCC) held on 31.05.2025 both

Respondent No.8 and 9 were present physically for negotiation on the sale of the

Corporate Debtor and ultimately Respondent No.8 was declared as a successful

bidder/buyer. On 03.06.2025 Respondent executed the letter of intent towards

purchase of the Corporate Debtor. Further it is also part of the application that

distribution of proceeds to the Respondent No.1 was made in December 2022

and was done prior to the order dated 06.01.2023 vide which the Ld. NCLT had

stayed the entire proceedings and thus the said distribution was in accordance 2

with the law and that on 30.06.2025 the Respondent No.8 remitted the entire

sale proceeds for the purchase of the Corporate Debtor. On 05.07.2025 the sale

certificate and possession letter were issued to the Respondent No.8 and the sale

of corporate debtor to the Respondent No.8 stood complete. Part of the proceeds

received from the Respondent No.8 has also been distributed to the members of

the SCC. The Respondent No.9 had also issued an email on 19.07.2025 to the

appellant stating inter alia there is no objection to the conduct of the appellant

and it withdrew all allegations against the appellant. It is the submission of the

learned counsel for the appellant as the allegations have since been withdrawn,

this Tribunal may expunge the remarks made by Ld. NCLT against him in paras

12, 13 and 15.

Considering the facts viz the Corporate's property is now sold, Respondent

No.9 has no objection to such sale, hence, there is no use to retain adverse

remarks against the liquidator. The remarks against him as are in paras 12, 13

and 15 of the impugned order are thus expunged. The appeal is disposed in

terms of the above. Pending applications are also closed.

(Justice Yogesh Khanna) Member (Judicial)

(Mr. Indevar Pandey) Member (Technical) Bm/md