Kalyan Toll Infrastructure Limited vs Mr. Navin Khandelwal Liquidator Of ...

Kalyan Toll Infrastructure Ltd. ...Appellant

Versus

Navin Khandelwal, Liquidator of Gajra Bevel Gears Ltd. ...Respondent

Present: For Appellant: Mr. Pratik Tripathi. For Respondent: Mr. Siddharth Nandedkar, Advocate for RP.

ORDER

(Hybrid Mode)

12.04.2024: Heard Mr. Pratik Tripathi appearing for the Appellant. This

Appeal has been filed against impugned order dated 25.01.2024 passed by the

Adjudicating Authority by which order the application filed by the Successful

Bidder in the liquidation proceeding of the Corporate Debtor seeking various

reliefs and concessions has been decided. The Adjudicating Authority vide

Para 6.1 of the order has granted reliefs and concessions to the extent as

indicated.

2. Appellant challenging the order contends that the Adjudicating

Authority failed to grant necessary concession with regard to listing of

company whereas the company is a listed company. The Adjudicating

Authority by the impugned order has allowed the reliefs and concessions

which according to the Adjudicating Authority was necessary for the

Successful Purchaser in the liquidation proceeding. The Appellant referring

to the Liquidation Regulation submits that acquisition plan under liquidation

Cont'd.../ -2-

is akin to resolution plan under the CIRP and said benefits should also be

allowed to the Appellant.

3. The Appellant being Successful Bidder in the Liquidation Proceeding,

reliefs and concessions as permissible under the liquidation process document

and the Regulation are only admissible and the Adjudicating Authority has

granted the reliefs and concessions which was necessary for the Appellant to

carry on the business. We see no reason to interfere with the order impugned.

Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Arun Baroka] Member (Technical) Archana/md

Company Appeal (AT) (Insolvency) No.600 of 2024