NATIONAL COMPANY LAW TRIBUNAL

COURT ROOM NO. 1,

MUMBAI BENCH

Item No. 11

IA 1118/2024 (NEW IA) IA 2915/2021 IA 2912/2021 in CP/30(MB)2017

CORAM:

SH. PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT (Retd.) HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING ON 18.03.2024

NAME OF THE PARTIES: MARMAGOA STEEL LTD

Section 60(5) & 10 of the Insolvency and Bankruptcy Code, 2016

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ORDER

IA 1118/2024 in CP/30(MB)2017

1) Ms. Simran Singh, Ld. Counsel for the Applicant, Liquidator of the

Corporate Debtor is present.

2) The present Interlocutory Application has been filed by the Liquidator of the

Corporate Debtor seeking extension of the Liquidation Process by a further

period of 151 Days.

3) Ld. Counsel for the Liquidator submits that one of the Land Parcel along

with other assets remains to be auctioned for which Earnest Money Deposit is yet to be received. It is also submitted that the Liquidator and the Erstwhile Liquidator has been able to realize all the assets except Land

situated at Goa along with other assets. Thus, seeks extension of 151 days and hence, filed the present Interlocutory Application for the same purpose.

4) Having considered the submissions and considering all the above aspects, this Bench deems it fit and proper to grant further extension of 151 days from 10.02.2024 in the Liquidation Process to complete the Liquidation Process. Now in the normal course, the Liquidator Process period will come to an end on 10.07.2024

5) Liquidator of the Corporate Debtor is directed to make his best and dedicated efforts to complete the Liquidation Process as expeditiously as possible within this extended Period. Liquidator shall file and place on record quarterly Progress Report.

6) With the aforesaid observation and direction, the Interlocutory Application bearing IA No. 1118 of 2024, is disposed of as allowed.

IA 2915/2021 in CP/30(MB)2017

1) Mr. Devarajan Raman, Ld. Counsel for the Applicant, Liquidator of the Corporate Debtor is present. None present for the Respondent, Assistant Commissioner of Customs (Bond), when the matter is called out.

2) Record reveals that the matter was listed on Board on 28.08.2023, on which date, the Ld. Counsel appearing for the Respondent submitted that they had filed Affidavit in Reply relying on the proposition laid down in the National Company Law Tribunal decision in ABG shipyard case. However, the said decision was reversed by appellate authority; Counsel sought time to have clarification from the Client on the next date of hearing.

3) The Bench has observed that till date, the Respondent has neither filed any Reply in support of their submissions in the present case nor has intimated any further instructions received from the clients in this relation in the present matter upon the future course of action.

4) The present Interlocutory Application has been filed by the Applicant, Liquidator of the Corporate Debtor, seeking the following reliefs:

a. That this Hon’ble Tribunal may be pleased to direct the Respondent to handover possession of goods lying ICD Verna Public Bonded warehouse;

b. That the Hon’ble Tribunal may direct the Respondent to desist from selling the goods for recovery of customs duty in view of the fact that the claim of the Respondent has been admitted by the Applicant.

c. Interim/ad-interim relief with regard to prayer clause (b) pending disposal of this application by the Hon’ble Tribunal.

d. Any other order or direction that this Hon’ble Tribunal may deem fit and proper.

5) It is submitted that the Resolution Plan for the Corporate Debtor has been approved by this Tribunal on 02.07.2018; but, the Resolution Applicant failed to implement the terms and conditions of the Resolution Plan and Liquidation was passed by an order dt. 10.02.2021.

6) It is also submitted that the Corporate Debtor had imported goods bearing Bill of Entry No. 7789932 and 7789857 both dt. 28.08.2012 for the purpose of the Operations. However, the g