IA No. 3985/MB/C-I/2023

In

C.P (IB) No.1315/MB/C-I/2017

An application under Section 60(5) of the Insolvency and Bankruptcy

Code, 2016

Filed by

Rankini Power Generation Private Limited

…Applicant

Versus

Abhijeet MADC Nagpur Energy Private Limited.

…Respondent No.1

Maharashtra Airport Development Company Limited

…Respondent No.2

In the matter of

Alchemist Assets Reconstruction Company Limited

…Financial Creditor

Versus

Abhijeet MADC Nagpur Energy Private Limited

… Corporate Debtor

Order Pronounced on: 13.03.2024

Coram:

Hon’ble Member (Judicial) : Justice V.G. Bisht (Retd.)

Hon’ble Member (Technical) : Mr. Prabhat Kumar

Appearances:

For the Applicant : Mr. Gaurav Joshi, Senior Advocate

For the Respondent No.2 : Mr. Amir Arsiwala, Advocate

For the Liquidator : Ms. Shaivi Bhamaria, Advocate

ORDER

Per: Prabhat Kumar, Member (Techincal)

1. The present Application is filed by the Successful Bidder to place on record the date of issuance of the sale certificate by the Mr. Vinod Kumar Kothari, the Liquidator of Abhijeet MADC Nagpur Energy Pvt Ltd ("Corporate Debtor") as the date of acquisition ("Acquisition Date") of the Corporate Debtor by the Applicant on a going concern basis under Liquidation along with certain reliefs, concessions, waivers and exemptions.

2. The Corporate Debtor was liquidated vide Order dated 31.08.2018. Mr. Vinod Kumar Kothari was appointed as the Liquidator. Pursuant to the commencement of liquidation, the liquidation estate of the Corporate Debtor was formed in accordance with Section 36 of the Code, comprising of all the assets and properties of the Corporate Debtor. On 04.08.2020, the Liquidator invited an expression of interest for the acquisition of assets on a slump sale basis ("Slump Sale Invitation"). The Slump Sale Invitation was published in the All India Edition of Business Standard (English) and Navshakti (Marathi) on 06.08.2020 and 07.08.2020 respectively.

3. On 05.10.2020, Applicant herein submitted their interest for the Slump Sale Invitation along with the pre-requisite earnest money deposit of Rs.2,00,00,000/- (Rupees Two Crores only). Thereafter, the e-auction was conducted by the Liquidator on 21.10.2020, on the e-auction platform Linkstar Infosys Private Limited, at a reserve price of Rs.98,96,00,000/- (Rupees Ninety Eight Crores Ninety Six Lakhs only). In the said e-auction process, Applicant emerged as the Auction Purchaser/HI Bidder.

4. Thereafter, the Liquidator, in terms of the Slump Sale Invitation, issued the Confirmation and Demand Letter to the Applicant on 27.10.2020 thereby calling for the payment of the sale consideration, in the manner laid down in the payment schedule. Subsequently, the payment towards the first tranche, that is, 25% of the Sale Consideration, less EMD already was paid and the second and final tranche (75% of the Sale Consideration excluding interest) was paid by the Applicant herein on 16.11.2020 and 11.12.2020, respectively.

5. The Liquidator thereafter invited Invitations for the acquisition of the legal entity of the Corporate Debtor on 04.12.2020 (hereinafter referred to as "Legal Entity Invitation"), at a reserve price of Rs.91,50,000/- (Rupees Ninety-One Lakhs Fifty Thousand only). The e-auction was conducted by the Liquidator on 11.12.2020, wherein the Applicant herein emerged as the successful bidder. Soon thereafter, the Confirmation and Demand Letter pursuant to the Legal Entity sale were issued to the Applicant on 11.12.2020, for payment of sale consideration as per the payment schedule ascribed therein. The sale consideration pursuant to the Legal Entity sale was paid by the Applicant on 15.12.2020.

6. The Liquidator after taking into consideration that the Applicant is the successful bidder for both the sale processes, deemed it appropriate, for the sake of convenience, to execute both the Slump Sale and Legal Entity Sale vide a Single documentation process. The two sale processes were certified vide Sale Certificates dated 19.12.2020 and 21.12.2020.

7. The Liquidator, for the App