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2024 Supreme(Online)(NCLT) 1075
NATIONAL COMPANY LAW TRIBUNAL
Shri Rajeev Bhardwaj, J, Shri Sanjay Puri, T
State Bank of India – Appellant
Versus
Athena Energy Ventures Pvt Ltd – Respondent
TRANSFER PETITION NO. COMPANY PETITION/APPLICATION NO. IA (IBC)/1512/2023 in CP (IB) No.466/7/HDB/2019
For the Applicant:Mr. Ramesh Babu Palutla, Advocate
For the Respondents: None stated
The Tribunal's jurisdiction under the IBC allows for the granting of necessary reliefs to a successful bidder in insolvency proceedings.
Headnote:In the matter concerning State Bank of India vs. M/s.Athena Energy Ventures Pvt Ltd, under Section 60(5) of the Insolvency & Bankruptcy Code, the Applicant sought reliefs as part of the corporate insolvency resolution process initiated on the Corporate Debtor. The Tribunal considered the reliefs necessary for the new management after a successful auction bid. The key question considered was whether the Successful Bidder was entitled to the requested concessions. The Tribunal partly allowed the application, thereby granting certain reliefs as prayed.
| Table of Content |
|---|
| 1. jurisdiction and application details regarding insolvency. (Para 1 , 2 , 3) |
| 2. key consideration of entitlement for reliefs. (Para 4 , 5) |
| 3. court observations leading to the decision. (Para 6) |
| 4. final decision on the application. (Para 7) |
ORDER
1. The instant Application is filed on behalf of M/s.BOMS Private Limited, Successful Bidder of M/s.Athena Energy Ventures Private Limited, for short ‘CD’ under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of NCLT Rules, 2016, inter alia, seeking the reliefs mentioned at pg. nos.6 to 18 of the application.
2. The gist of the Application is :
i. The CD was admitted into Corporate Insolvency Resolution Process on 24.11.2020. Later, the RP had filed an IA 713/2021 for liquidation of the CD, which was admitted by this Adjudicating Authority, vide Order dated 21.07.2022, by appointing Mr.Kumar Rajan, the existing Resolution Professional (RP) as the Liquidator of the CD,
ii. After assuming charge as Liquidator, the Liquidator had issued an E-Auction Sale Notice on 31.05.2023 inviting Expression of Interest (EOI) for participating in the E-auction process of Sale of the CD as a going concern,
In response, the Applicant had submitted their EOI alongwith Earnest Money Deposit of Rs.4,00,000/-. After negotiations by the creditors in the 8th SCC Meeting held on 27.06.2023, the Applicant proposed to acquire the CD as a going concern for a sale consideration of Rs.47,00,000/- and issued a Letter of Intent on 28.06.2023,
iii. The Applicant is seeking certain reliefs/exemptions as the same are essential to take the CD as a going concern by the new management.
3. The Applicant declares that the present Application falls within the jurisdiction of this Hon'ble Tribunal as the Registered Office of the Corporate Debtor is situated in the State of Telangana and it is also declared that the present application is not barred by Limitation.
4. In this backdrop, the point that emerges for consideration of the Tribunal is that:
“Whether the Successful Bidder is entitled for the reliefs and concessions prayed for in this Application”.
5. We have heard the Learned PCS for the Applicant and Learned Counsel for Liquidator and perused the records.
6. We have perused the facts pleaded and the reliefs prayed in the petition. In the light of the facts of the case, we are of the view that the following reliefs can be allowed. Accordingly, we pass the following orders :-
7. With the above directions, IA No.1512/2023 in CP (IB) No.466/7/HDB/2019 is partly allowed and stands disposed of.
