ORDER

1. This application is filed by the Liquidator of the Corporate Debtor M/s Saptarishi Hotels Private Limited (hereinafter referred “Corporate Debtor”), u/s 35 (1)(n) and Section 60(5)(c) of Insolvency and Bankruptcy Code 2016, read with Regulation 45 (3)(a) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations) seeking closure of Liquidation Process of the Corporate Debtor as the Corporate Debtor is sold as a going concern in Liquidation.

2. This Tribunal had admitted the Company Petition bearing CP. (IB).No.599/7/HDB/2019 filed by the Punjab National Bank/Financial Creditor Section 7 of Insolvency and Bankruptcy Code 2016, (“IBC”) and ordered the commencement of Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor vide order dated 18.01.2021 and appointed Mr.Taduvai. Siva Nagaraja as an Interim Resolution Professional(“IRP”). Subsequently, IRP was continued as Resolution Professional of the Corporate Debtor.

3. It is averred that when there was no Successful Resolution of the Corporate Debtor as there was no Resolution Plan approved by the Committee of Creditors (“CoC”), the Resolution Professional filed an application IA.No.413 of 2022 under Section 33 of the Insolvency and Bankruptcy Code, 2016 , seeking Liquidation of the Corporate Debtor M/s. Saptarishi Hotels Private Limited, and the same was allowed vide order dated 19.10.2022 by appointing the applicant herein as a Liquidator to the Corporate Debtor.

4. Brief overview of the Liquidation Process:

4.1. It is stated that in pursuance to the commencement of the Liquidation, the Liquidator, in compliance with the Liquidation Process Regulations, issued a public announcement dated 26.10.2022, requesting stakeholders to submit claims as of the liquidation commencement date. The claims received were verified, and their admission or rejection communicated to stakeholders. Subsequently, the final list of stakeholders has been filed before the Hon’ble NCLT, Hyderabad Bench, as per Regulation 31.

4.2. It is stated that the Liquidator has also prepared and submitted the Preliminary Report dated 30.12.2022 and Asset Memorandum dated 23.11.2022 in accordance with Regulations 13 and 34. Additionally, the Liquidator has submitted quarterly Progress Reports dated 12.01.2023, 14.04.2023, 13.07.2023, 13.10.2023, 09.01.2024, 15.04.2024 and 15.07.2024 as required under Regulation 15.

4.3. It is stated that the Liquidator in compliance with Regulation 31A of the Liquidation Process Regulations, constituted a Stakeholders Consultation Committee to advise on matters related to the sale under Regulation 32 and conducted SCC meetings between 18.12.2022 and 15.03.2024. Additionally, on 08.11.2022, the Liquidator issued public announcement for a compromise and arrangement proposal under Section 230 of the Companies Act, 2013 , as per Regulation 2B, but no proposals were received.

4.4. Subsequently, the Stakeholders Consultation Committee (SCC) recommended selling of the Corporate Debtor as a going concern in liquidation. Consequently, The Liquidator issued sale notices five times between 24.01.2023 and 31.12.2023, but no bids were received. Pursuant thereto, the Liquidator issued sale notice dated 11.02.2024 for sale of the Corporate Debtor as a going concern in Liquidation for a reserve price of Rs.55.25 Crores. The e-auction was scheduled for 09.03.2024, during which a bid was received from a single bidder.

4.5. It is stated that pursuant to the said e-auction, on 11.03.2024, Mr. Kolli Lakshmi Sreedhar Reddy, and Mr. Atigadda Venkateshwar Reddy (Joint bidders) were declared as the Successful Bidders with a bid amount of Rs.55,25,00,000/- for acquisition of the Corporate Debtor as a going concern. Further, the successful bidder paid EMD amount of Rs.5,52,50,000/-.

4.6. Thereafter, the Liquidator issued Letter of Intent to the Successful Bidder on 11.03.2024 which has been acknowledged by the Successful Bidder.

4.7. It i