NATIONAL COMPANY LAW TRIBUNAL

COURT ROOM NO. 1,

MUMBAI BENCH

Item No. 26

IA (I.B.C)/4710(MB)2025 IN C.P. (IB)/1039(MB)2022

CORAM:

SH. PRABHAT KUMAR SH. SUSHIL MAHADEORAO KOCHEY HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING ON 02.12.2025

NAME OF THE PARTIES: NORTH AMERICAN MERCANTILE

INDIA PRIVATE LIMITED

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

________________________________________________________________

ORDER

IA (I.B.C)/4710(MB)2025

1. Adv. Atishay Jain for the Respondent/Liquidator is present.

2. This Application has been filed by Applicant/Successful Bidder of Maithili

Tradecom Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code 2016 r/w Regulation 32A of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Rule 11 of the

NCLT Rules, 2016 following seeks reliefs: -

a. Consider and allow this Application and allow the reliefs set out

herein at para 23 of this Application in terms of Section 60(5) r/w

Rule 11 of NCLT Rules, 2016;

b. Pending hearing and disposal of the present Application, this

Hon’ble Tribunal be pleased to grant interim relief to the applicant by directing the concerns to forthwith comply with the requisitions

of Para 23 (a) of the present Application;

c. Pass appropriate directions for the transfer of the Corporate Applicant to the Applicant, along with certain essential reliefs and concessions as mentioned under Para 23 of the present Application;

d. Direct that the Corporate Applicant shall be at liberty to approach this Hon’ble Adjudicating Authority to address any difficulties faced with respect to implementation in taking over of the Corporate Applicant liquidation;

e. Grant liberty to the Applicant to amend, alter, modify, delete, rescind and/or substitute any prayer’s

3. The present Application is being filed by Maithili Tradecom Private Limited, who was declared as the Successful Auction Purchaser of the Corporate Debtor as a going concern in the liquidation proceedings of the Corporate Applicant, pursuant to the e-auction conducted on 22^nd March

2025.

4. The Corporate Debtor was incorporated on 02.01.2002 and was engaged in the wholesale business of machinery, equipment and supplies. Vide order dated 02.01.2024, this Tribunal admitted a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (“Code”) and initiated CIRP against the Corporate Debtor. Thereafter, by order dated 14.10.2024, liquidation of the Corporate Applicant was directed under Section 33 of the Code and the Respondent was appointed as the Liquidator.

5. The applicant issued public announcement on 20th February 2025 in widely circulated newspapers, inviting bids for the sale of the Corporate Debtor as a going concern under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 ("Liquidation Regulations" in short). The e-auction was conducted on 22nd March 2025, wherein the Applicant submitted its bid for an amount of H,70,00,000/- (Rupees One Crore Seventy Lakhs Only), being equivalent to the reserve price notified for the said e-auction.

6. Vide email dated 25th March 2025, the liquidator informed the Applicant that the bid submitted by the Applicant on 22nd March 2025 in the 1st e- auction for sale of the Corporate Applicant as a going concern had been considered. It was further intimated that, pursuant to the deliberations of the Stakeholders’ Consultation Committee (SCC) in its 5th meeting held on 24th March 2025, and in compliance with the requirements of Clause 12B and Clause 12C of Schedule I (Mode of Sale) of Regulation 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the Applicant had been declared as the successful highest bidder in the said e-auction for sale of the Corporate Applicant as a going concern.

7. The Applicant duly acknowledged the Letter of Intent on 26th March 2025 in relation to the successful auction conducted through the e-auction process