NATIONAL COMPANY LAW TRIBUNAL
Brajendra Mani Tripathi, J, Man Mohan Gupta, T
M/S Windsor Infra – Appellant
Versus
Power Televentures Private Limited – Respondent
| Table of Content |
|---|
| 1. application for refund due to forfeiture post-auction. (Para 1 , 2 , 3) |
| 2. responsibility of due diligence lies with the bidder. (Para 10 , 11) |
| 3. court's decision to dismiss based on acceptance of auction terms. (Para 14 , 16) |
J U D G M E N T
1. The present Interlocutory Application, being I.A. No. 337/MP/2023, has been filed by M/s Windsor Infra (hereinafter referred to as"Applicant/Highest Bidder"), represented through its Partner Mr. Balvinder Pal Singh, under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as"the Code") read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking appropriate directions against Shri Shikhar Chand Jain, the Liquidator of M/s Power Televentures Private Limited (hereinafter referred to as "Respondent/Liquidator"), which are as under:
(i) Direct the Liquidator to refund Rs. 26,00,000/- back to the Applicant;
(ii) Direct the Liquidator to pay interest @24% per annum compounded annually on Rs. 26,00,000/- from 02.06.2023 till the date of refund;
(iii) Set aside the E-Auction process conducted vide newspaper publication dated 08.04.2023 for being illegal; and
(iv) Set aside the E-Auction p
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