M/S Spesh Garments Private Limited ... vs Mr. Sandeep Kumar Bhatt Liquidator For ...

Spesh Garments Pvt. Ltd. ...Appellant(s)

Versus

Sandeep Kumar Bhatt ...Respondent(s) Present: For Appellant : Mr. Swapnil Gupta, Mr. Abhinav Mishra, Mr. Vaibhav Mendiratta, Advocates. For Respondents : CMA S.K. Bhatt, Liquidator.

ORDER

(Hybrid Mode) 16.10.2024: Heard Counsel for the Appellant as well as the liquidator.

2. This appeal has been filed against the order dated 23.02.2024 by

which IA-2809/2023 filed by the applicant was dismissed. Ld. Counsel for

the Applicant submits that the Adjudicating Authority granted permission to

the liquidator for private sale in pursuance of which earlier the private sale

was made in favour of third party who backed out and thereafter the

appellant submitted the bid. In the application form dated 03.03.2022 the

name of bidder was mentioned as M/s Spesh Garments Pvt. Ltd.

subsequently the bid was accepted for an amount of Rs. 6,57,70,246/- bid

was confirmed and payment was made by the Company Account from the

company account however the sale certificate which was issued by the

liquidator instead of mentioning the name of company it was mentioned:

"Mr. Amit Aggarwal S/o Shri Late Satendra Agarwal about 48

years being authorized Director of M/s Spesh Garments Pvt.

CA (AT) (Ins) No.718 of 2024 2 Ltd. (CIN U18100DL2021PTC390066) Registered Office at A-47,

Lower Ground Floor, Hauzkhas, New Delhi-110016"

3. The asset sale report which was submitted by liquidator also mention

the name of M/s Spesh Garments Pvt. Ltd. in whose favour the sale was

conducted. On account of the error made in the sale certificate and IA -

2809/2023 was filed in which application following prayers were made:

"a. Allow the present application;

b. Kindly clarify that the private sale is conducted by the Respondent is in favour of M/s Spesh Garments Pvt. Ltd. and not in favour of Mr. Amit Aggarwal being the Director of M/s Spesh Garments Pvt. Ltd;

c. Pass such other further order/order(s) as may be deemed fit and proper in the facts and circumstances of the case".

4. The Adjudicating Authority rejected the application without

considering any averments in the application of documents which were on

the record.

5. Ld. Counsel for the liquidator who appears in person submits that the

sale was made in favour of the company i.e. M/s Spesh Garments Pvt. Ltd.

and asset sale report also mention the name of the company. However, in

the sale certificate name of Amit Aggarwal was mentioned as Authorised

Director of the company.

6. In the facts of the circumstances, we are satisfied that sufficient

ground was made in the application filed by the appellant for clarification

and the Adjudicating Authority committed error in rejecting the IA No.

2809/2023.

CA (AT) (Ins) No.718 of 2024 3

7. In view of the aforesaid, we allow the appeal. Set aside the order

23.02.2024 and allow IA No. 2809/2023 clarifying that private sale was

conducted by the liquidator in favour of M/s Spesh Garments Pvt. Ltd. and

not in favour of Mr. Amit Aggarwal being the Director of M/s Spesh

Garments Pvt. Ltd.

8. The appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) sr/nn

CA (AT) (Ins) No.718 of 2024