Bluefire Infotax Consultancy Pvt. Ltd vs Vga Developers Pvt. Ltd. & Ors

IN THE MATTER OF: Bluefire Infotax Consultancy Pvt. Ltd. ...Appellant

Versus

VGA Developers Pvt. Ltd. & Anr. ...Respondents

Present: For Appellant : Mr. Vaibhav Jain, Ms. Neha Gupta, Advocates. For Respondents : Mr. Ahsan Ahmad, Mr. Rachit Ranjan, Mr. Aayush Kumar, Advocates with Mr. Aishwarya Mohan Gahrana, Liquidator in Person for R-1 & 2. Mr. Meghav Gupta, Mr. Sarthak Gupta, Advocates for Applicant in I.A. No.4821 of 2026. Mr. Siddharth Praveen Acharya, Ms. Vandana Sharma, Advocates for SCC.

ORDER

(Hybrid Mode)

20.07.2026: This appeal is against an impugned order dated

01.06.2026. The facts are the CP (IB) No. 2690/ND/2019 was pending before

the Learned Adjudicating Authority wherein the insolvency petition filed by

Syndicate Steel Traders against VGA Developers Pvt. Ltd. was admitted on

06.01.2020. No resolution plan was received for the resolution of the

Corporate Debtor, hence, the liquidation was ordered by order dated

01.09.2021 and Mr. Aishwarya Mohan Gahrana, Resolution Profession was

appointed as Liquidator.

2. The Liquidator attempted to sell the subject property through e-auction

i.e. Residential plot under sub-lease with an area 20,071 sq. meter (approximately 4.9 acres) along with partially built building located at GH-P4

situated at Sector -25, Jaypee Greens Sports City, SDZ, Yamuna Expressway

Industrial Development Authority Area, District Gautam Budha Nagar, Uttar

Pradesh + one tower Crane. 5 e-auction notice were published on 07.02.2022,

15.03.2022, 15.04.2022, 16.05.2022 and 06.06.2022 with certain reserve

price.

3. Admittedly, the auction failed. Appellant sent a letter to the Liquidator

offering purchase of subject property through private sale for a price of

Rs.34.91 Crores which was more than the last reserve price. The proposal of

the Appellant was considered by the Stakeholders Consultation Committee

(SCC) on 12.07.2022 and offered purchase price was more than the last

reserve price. The offer was then accepted. The Liquidator then sent a letter

of intent dated 22.07.2022. If one peruse the Letter of Intent, specifically

Clause 8, it states the Appellant has to make the balance payment equivalent

to 31,41,90,000/- plus GST & TCS as consideration, if any, within 90 days of

execution of the Letter of Intent i.e., by Thursday, 20 October, 2022. It is also

made clear in the Letter of Intent any payment made after thirty days from

the date of issuance of Letter of Intent i.e, after Sunday, 21 August, 2022 shall

attract interest at the rate of 12% per annum.

4. Admittedly, the Appellant failed to make balance payment within the

time and on 16.06.2023, on an application of the Liquidator, the liquidation

period was extended.

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5. It is submitted later an application was moved on 17.07.2023 by the

Appellant challenging the levying of interest @12% p.a. stating no interest was

payable by the Appellant herein.

6. Admittedly, thereafter, on 27.07.2023, the Liquidator approached the

Appellant and in terms of recalculated payment period, the Liquidator

requested the Appellant to make payment of outstanding sale consideration

along with interest on or before 05.08.2023. The said letter is at page 235 of

the appeal paper book. No payment was made.

7. The learned Adjudicating Authority was of the opinion the Appellant

has not complied with the directions of the Liquidator in terms of the Letter

of Intent and even the offer to make payment within extended period was not

complied with. It was because of the non-compliance of the Liquidator's

direction by the Appellant, the learned Adjudicating Authority did not direct

for issuance of sale certificate in favour of the Appellant and accordingly vide

the impugned order set aside the interim order dated 03.08.2023 and directed

the Liquidator to refund the advance amount of Rs. 3.49 Crores, deposited by

the Applicant towards the sale consideration, within a period of seven days

and also to conduct a fresh auction of the subject property. Admittedly, a

fresh valuation has been conducted by the Liquidator, which shows

substantial increase in the value of the subject property.

8. We have gone through the impugned order. It was only because of

laches on behalf of the Appellant and his failure to deposit the balance

amount even in the extended period, the sale was not confirmed in favour of

Company Appeal (AT) (Ins.) No. 1162 of 2026 3 of 4 the Appellant and accordingly, the impugned order was passed with a

direction to the Liquidator to go for fresh auction. We find no infirmity in the

impugned order and accordingly, the appeal is dismissed. Pending I.As. are

also disposed of.

9. Interlocutory Application 4821 of 2026 filed by ANS Infratech Pvt. Ltd.

for impleadment as party to the appeal and for permission for making

payment of the balance amount is also disposed of in view of the order passed

in the appeal aforesaid.

10. The release of the amount of Rs.3.49 Crores is also challenged by the

Liquidator, which appeal is pending consideration before Court No. IV, this

order would not come in the way of challenge made in Appeal No.1277 of 2026.

[Justice Yogesh Khanna] The Officiating Chairperson

[Barun Mitra] Member (Technical)

[Ajai Das Mehrotra] Member (Technical) Archana/MD

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