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IN THE HIGH COURT OF DELHI AT NEW DELHI
SACHIN DATTA
Jfc Finance (India) Limited – Appellant
Versus
Arvind Garg Liquidator Of Moser Baer Solar Ltd – Respondent
| Table of Content |
|---|
| 1. wilful disobedience and participation issues (Para 1 , 2) |
| 2. arguments regarding auction process and liquidator's actions (Para 3 , 5 , 8 , 10) |
| 3. court observations on urgency and value maximization (Para 4 , 11 , 13 , 15) |
| 4. final court order and resolution of the petition (Para 7 , 9 , 22) |
| 5. legal framework and rights of the liquidator (Para 16 , 18 , 20) |
JUDGMENT :
SACHIN DATTA, J.
1. The present petition has been filed by the petitioner alleging wilful disobedience by respondent no.1 of the undertaking/statement made by the said respondent before this Court, as recorded in the order dated 09.04.2025 passed in W.P.(C) 4634/2025. The said order dated 09.04.2025 records as under:
“1. In the present petition, the petitioner entity seeks to participate in the process of sale of M/s Moser Baer Solar Ltd. (hereinafter referred to as ‘MBSL’) as a going concern under the provisions of the Insolvency and Bankruptcy Code, 2016.
2. It is submitted that the petitioner was one of the shortlisted participant in the process of sale of MBSL as a going concern, but the right of participation has been virtually taken away from the petitioner on account of the fact that the petitioner
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.
The Tribunal dismissed the contempt petition as the liquidator did not violate the court's order regarding auction procedures.
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....
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.
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.
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