O R D E R

(Heard Through Hybrid Mode)

LABH SINGH, JUDICIAL MEMBER

1. This is an application filed by Nirmal Kumar Agarwal, Liquidator of Abhijeet Hazaribagh Toll Road Limited, the Corporate Debtor under Regulation 33(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 read with Section 35(1) of the Insolvency and Bankruptcy Code, 2016 seeking the following reliefs:

(a) Grant permission to the Liquidator to confirm the sale of the Land described in Schedule “A” in favour of Mr. Sudhir Baliram Mhatre for a sum of Rs. 2 Lakhs under Regulation ,33(2) of the Liquidation Process Regulations, 2016.

(b) Any other directions which the Hon'ble Tribunal may deem fit in the facts and circumstances of the matter.

2. The Application for initiating Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 was admitted by this Tribunal vide order dated January 7, 2022. Thereafter, an order of liquidation was passed on November 7, 2022 and the applicant was also appointed as the Liquidator of the Corporate Debtor.

3. It is submitted that the assets of the Corporate Debtor consisted of two realizable assets i.e an Arbitral Award of Rs. 293.00 crores approx. principal amount of Rs.176.50 crores and Interest of Rs.116.50 crores against the National Highways Authority of India (NHAI) and a piece and parcel of land with a liquidation value of approximately 9.80 lacs.

4. It is submitted that while the Corporate Debtor received Rs. 200.25 crores against the settlement of the arbitral award under the “Vivad Se Viswas - II” scheme, the only other asset which remained unsold is an Open Freehold Non-Agricultural Land admeasuring 230.00 sq mtr's at Plot No 68, Survey No 332/A+3341A+338/A of Mouza Zaap, Taluka -Sudhagad, Dist. Raigad, Maharashtra, India (hereinafter referred to as “Land”).

5. In accordance with Regulation 33, the Liquidator issued an e-auction notice for the sale of the Land on August 8, 2023, and the Public Announcement was made in newspapers, namely, “The Indian Express” (English) in Nagpur, “Loksatta” (Marathi) in Nagpur, “The Business Standard” (English) in Kolkata and “Ekdin” (Bengali) in Kolkata. with a reserve price of Rs. 11 Lakhs, with Earnest Deposit Money [“EMD”] of Rs.1 Lakh and bid incremental value of Rs.50,000/-. However, the e-auction failed as the Liquidator did not receive any Expression of Interest (EOI).

6. It is submitted that a second e-auction notice was issued on February 13, 2024, with the reserve price reduced to Rs. 8.50 lakhs, earnest money deposit was reduced to Rs.85,000/- and bid incremental value was reduced to Rs.10,000/-.

7. The second e-auction also failed as no EOI was received by the Liquidator. It is submitted that in the 7th SCC meeting on March 30, 2024, the SCC unanimously gave permission to the Liquidator to find private parties for the private sale of the Land, as private sale seemed to be a cost-effective method.

8. It is submitted that the Liquidator also listed the Land on BAANKNET, a portal of the IBBI, dedicated for the purpose of sale of assets of a Corporate Debtor, on November 30, 2024, but the Liquidator has failed to receive any response from such portal as on date.

9. It is submitted that the Liquidator, after vigorous efforts through various land brokers, approached individual parties who did not express any interest due to the reasons that the Land admeasuring 230.00 Sq meters is a small piece equivalent to approximately one-half of a basketball court, is non-agricultural in nature, lacks basic infrastructure, has an irregular shape with limited frontage which makes it unsuitable for independent commercial use, and does not have access to a main road or highway, making ingress and egress difficult for any meaningful commercial activity. Furthermore, the Land is located in a belt without any nearby industrial or commercial hub and has limited potential for apprec