Hrishabh Pharman Private Limited vs Vijay P Lulla

Hrishabh Pharma Pvt. Ltd. ...Appellant

Versus

Vijay P. Lulla, Liquidator & Anr. ...Respondents

Present: For Appellant: Present but appearance not marked. For Respondents: Mr. Anuj Tiwari, Mr. Arun Pal, Mr. Saurabh Mishra, Ms. Tuhina Mishra and Mr. Nikhil Anand, Advocates for R-1.

ORDER

24.08.2022: Heard learned counsel for the Appellant. This Appeal has

been filed against the order dated 11.05.2022 passed in I.A. No. 2557/2021

filed by the Appellant. Appellant herein is a Successful Bidder in a liquidation

proceeding of the Corporate Debtor. 'Vidhya Pharmachem Pvt. Ltd.'

(Corporate Debtor) was sold as a going concern in an auction in which the

Appellant emerged as Successful Bidder, whose bid was approved.

Subsequent to the aforesaid approval, an I.A. No. 2557/2021 was filed by the

Appellant before the Adjudicating Authority for as many as 20 reliefs which

came to be rejected by the Adjudicating Authority. The Adjudicating

Authority, however, while rejecting the Application noticed that the Applicant

(Appellant herein) is the Successful Purchaser who purchased the Corporate

Debtor as going concern. Adjudicating Authority further observed that the

Appellant is also entitled to reliefs as a Successful Purchaser under the Code.

Cont'd.../ 2

However, the application was rejected by the Adjudicating Authority.

Appellant aggrieved by the impugned order has come up in this Appeal.

2. Learned counsel for the Appellant submits that although the

Appellant's case that he is a Successful Purchaser of a going concern is not

disputed even in the impugned order but in view of the rejection of the

application, Appellant is likely to face several difficulties when he would apply

for several permissions and concessions etc. under the statutory

requirements.

3. We are of the view that the Appellant, who is a Successful Purchaser of

a going concern is entitle to run as a going concern and take all necessary

steps as are required for running it as going concern. We, however, are of the

view that the Adjudicating Authority did not commit any error in rejecting the

application but the rejection shall not come in the way of the Appellant when

he takes steps for running the Corporate Debtor as a going concern by seeking

for permissions and approval, etc. from the statutory authorities in

accordance with law. With these observations, the Appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Justice M. Satyanarayana Murthy] Member (Judicial)

[Barun Mitra] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No. 993 of 2022