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IN THE HIGH COURT OF KARNATAKA AT BENGALURU
K.S. MUDAGAL, C.M. POONACHA
Insolvency And Bankruptcy Board Of India, Represented By General Manager – Appellant
Versus
Konduru Prashanth Raju Liquidator For Base Corporation Ltd. – Respondent
ORDER :
K.S.MUDAGAL, C.M. POONACHA, JJ.
1. The present review petition is filed by Review Petitioner-Insolvency and Bankruptcy Board of India, hereinafter referred to as 'IBBI' under Section 114 read with Order XLVII Rule 1 of the Code of Civil Procedure, 1908, hereinafter referred to as 'CPC' seeking to review the order dated 15.06.2023 passed in WP No.12140/2023 (GM-RES) wherein, a Co-ordinate Bench of this Court disposed of the writ petition filed by respondent No.2 [writ petitioner] - M/s NDR Unique Space Pvt Ltd.,, hereinafter referred to as 'NDR' and directed respondent No.1 - liquidator [respondent in the writ petition] to receive the balance sale consideration in terms of the auction dated 20.03.2023 from NDR. IBBI was not a party to the writ petition.
2. The admitted fact situation can be stated to be as under :
i. The Corporate Insolvency Resolution Process, hereinafter referred to as 'CIRP' with respect to Base Corporation Ltd.,, hereinafter referred to as 'BCL' was admitted by the National Company Law Tribunal, hereinafter referred to as 'NCLT' vide order dated 2.8.2019. Pursuant to the CIRP proceedings initiated against BCL an Interim Resolution Professional, hereinafter r
A review petition under Section 114 CPC must show an error apparent on record; the court affirmed the original order without finding grounds for alteration or fraud.
Secured creditors must notify their decision to relinquish security interest within the stipulated time; failure to do so results in assets being included in the liquidation estate.
The liquidator must adhere to court undertakings during liquidation procedures, and the court may mandate re-auction to maximize asset value, emphasizing compliance with regulatory frameworks.
E-auction sanctity upheld absent cogent evidence of technical glitch or procedural flaws; higher post-auction offer insufficient to discard valid highest bid approved by stakeholders in time-bound li....
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