IN THE NATIONAL COMPANY LAW TRIBUNAL

BENGALURU BENCH, BENGALURU

(Through Physical Hearing / VC Mode (Hybrid))

ITEM No.09

I.A. No.311/2024 in

C.P. (IB).No.220/BB/2018

IN THE MATTER OF:

M/s. Phoneix Arc Limited … Petitioner

Vs.

M/s. Base Corporation Limited … Respondent

Order under Section 7 of IBC, 2013

Order delivered on 25.09.2024

CORAM:

SHRI K. BISWAL

HON’BLE MEMBER (JUDICIAL)

SHRI MANOJ KUMAR DUBEY

HON’BLE MEMBER (TECHNICAL)

PRESENT:

For the Liquidator/Applicant in IA.311/2024 : Ms. Lakshmi Menon

For the Respondent Nos.1, 5 to 13 : Shri B. S. Jeevan Kumar

For the Respondent No.14 : Appeared

ORDER

I.A. No.311 of 2024:

1. The present Application has been filed by Shri Konduru Prasanth Raju, the

Liquidator of M/s. Base Corporation Ltd. u/s 36 r/w Section 60(5) of the IBC,

2016 r/w Rule 11 of the NCLT Rules, 2016 seeking for the following reliefs:

accordance with the IBBI (Liquidation) Regulations, and the Security

Interest (Enhancement) Rules, 2002;

consortium of bank, represented by the lead banker, to hold a joint

auction of the properties mentioned at Table No.2 at para 14(vi) above through e-action for sale as a going concern, u/s 35 of the Code r/w SARFAESI Act, 2013, r/w the extant provisions of the Security Interest (Enhancement) Rules, 2002, by issuing a joint e-auction notice and process information memorandum and undertake such other consequential actions that may be necessary for the sale of the assets of the CD at Solan, Himachal Pradesh.

2. Heard the Ld. Counsels for the Parties.

3. Ld. Counsel for the Respondent Nos.1, 5 to 13 submits that he has filed a memo stating that Respondent Nos.1, 5 to 13 have no objections to allow this instant I.A. vide Diary No.4505 dated 30.07.2024. Further, the Ld. Counsel for the Respondent No.14, i.e. Sub-Registrar Solan and the Ld. Counsel for the Respondent No.4 i.e. State Bank of India, have filed memos stating no objections to the instant I.A. vide Diary Nos. 5469 dated 24.09.2024 and 4238 dated

19.07.2024 respectively. The same are taken on record.

4. Further, Ld. Counsel for the Liquidator has made her submissions relaying upon para no.4 & 5 of the decision of the Hon’ble NCLAT, Principal Bench, New Delhi in Ayan Mallic V. Pratim Bayal, Liquidator & Ors., [Company Appeal (AT)(Insolvency)No. 456 of 2022] dated 13.05.2022 annexed as Annexure-J to the instant I.A. and the decision of the Hon’ble NCLAT, Division Bench-I, Chennai in M/s. Hotel Milestonnez India Private Limited, Amier Hamsa Ali Abbas Rawther, Liquidator for M/s. Hotel Milestonnez India Private Limted V. State Bank of India &

Ors. dated 09.02.2024 annexed as Annexure-K to the instant I.A.

5. In view of the above submissions and no objections filed by the Parties and for the reasons mentioned in the Application, the IA is hereby allowed directing joint (Liquidation) Regulations, and the Security Interest (Enhancement) Rules, 2002 represented by the lead banker, to hold a joint auction of the properties mentioned at Table No.2 at para 14(vi) above through e-action for sale as a going concern, 13 of the SARFAESI Act, 2013, r/w the extant provisions of the Security Interest (Enhancement) Rules, 2002, by issuing a joint e-auction notice and process information memorandum and undertake such other consequential actions that may be necessary for the sale of the assets of the CD at Solan, Himachal Pradesh.

6. Accordingly, IA. No.311 of 2024 stands disposed of. -Sd- -Sd-

(MANOJ KUMAR DUBEY) (K. BISWAL)

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Anishma