{"id":269887,"date":"2022-07-11T18:00:38","date_gmt":"2022-07-11T12:30:38","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269887"},"modified":"2022-08-18T16:13:00","modified_gmt":"2022-08-18T10:43:00","slug":"nclt-auction-purchaser-responsible-for-claims-liabilities-obligations-of-corporate-debtor","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/11\/nclt-auction-purchaser-responsible-for-claims-liabilities-obligations-of-corporate-debtor\/","title":{"rendered":"NCLT| Auction purchaser responsible for claims\/ liabilities\/ obligations of Corporate Debtor"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\"><span style=\"font-weight: bold;\">National Company Law Tribunal, Mumbai<\/span>: The coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member, declared that the auction purchaser of the Corporate Debtor company, as a going concern is responsible for any claims\/ liabilities\/ obligations of the Corporate Debtor.<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">An interlocutory application was filed by the applicant to resolve the issue whether the sale of the Corporate Debtor as a going concern under Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001549796\">60(5)<\/a> of <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002802178\">Insolvency and Bankruptcy Code, 2016<\/a> [IBC] and Regulation 32-A of <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002104853\">Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016<\/a> [IBBI Regulations] includes both assets and liabilities or assets alone without any liabilities. The applicant prayed for not making him responsible for any claims\/ liabilities\/ obligations payable by the Corporate Debtor, (Gajanan Industries Limited) to the Financial Creditors (Harsh Vinimay Pvt. Ltd) or any other stakeholders including Government dues.<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">After becoming a successful auction purchaser, the applicant, in respect of an e-auction dated 03-03-2021 conducted by Liquidator, , he was declared as the highest bidder of the Corporate Debtor. Further, a letter of intent was issued by the liquidator as per the requirements of the banker and on the request of the applicant. On 31-05-2021, the applicant made the full payment to which the liquidator confirmed the amount of interest and communicated- \u201c<i>on the payment of the full amount, the sale shall stand completed, the liquidator shall execute certificate of sale or sale deed to transfer such asset and the assets shall be delivered to him in the manner specified in terms of sale<\/i>\u201d.<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">Further, the applicant wanted to know about the process to be followed for completion of the deal and to clarify certain issues. The liquidator in reply to this said that the procedure must be followed as per the law and indicated that the entire responsibility of the Corporate Debtor falls on the applicant.<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">The Tribunal relied on a similar matter in <i>Visisth Services Limited<\/i> v. <i>S.V. Ramani<\/i>, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/Z5tHLDJW\">2022 SCC OnLine NCLAT 24<\/a>, where the same bench held that the sale of Corporate Debtor as a going concern as is where basis under Regulation 32-A of IBBI Regulations and the IBC includes that where the committee of creditors has not identified the assets and liabilities, the liquidator has to do the same and group the assets and liabilities.<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">The Tribunal held that the applicant is not entitled for the relief sorted in his prayer. Therefore, the above application was dismissed.<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">[<span style=\"font-weight: bold; color: #632423;\">Gaurav Agarwal v. CA Devang P Sampat, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/Si4w755Z\">2022 SCC OnLine NCLT 182<\/a>, decided on 06-05-2022<\/span>]<\/p>\n<hr \/>\n<p>Advocates who appeared in this case :<\/p>\n<p style=\"text-indent: 18pt;\">Nausher Kohli, Amey Hadwale and Geeta Lundwani, Advocates, for the Applicant;<\/p>\n<p style=\"text-indent: 18pt;\">Rohaan Cama, Kunal Mehta and Gauri Joshi, Advocates, for the Respondents.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Tribunal, Mumbai: The coram of H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member, declared that the <\/p>\n","protected":false},"author":67011,"featured_media":268665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[50125,34595,30596,31359,30361,22064,40198,12261],"class_list":["post-269887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-auction-purchase","tag-company-law","tag-corporate-debtor","tag-corporate-law","tag-ibc","tag-insolvency-and-bankruptcy-code","tag-insolvency-proceedings","tag-resolution"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLT| Auction purchaser responsible for claims\/ liabilities\/ obligations of Corporate Debtor | SCC Times<\/title>\n<meta name=\"description\" content=\"H.V. 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Singh, Member (Technical), allowed an appeal filed against the order of the National Company Law Tribunal, New Delhi, whereby it had admitted the petition under Section 9 of the Insolvency and Bankruptcy\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":245101,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/05\/nclat\/","url_meta":{"origin":269887,"position":1},"title":"NCLAT | \u2018As is where is basis, as is what is basis, whatever there is basis\u2019; A super imposed condition in auctions | Reiterated again","author":"Editor","date":"March 5, 2021","format":false,"excerpt":"National Company Law Appellate Authority Tribunal (NCLAT), New Delhi: The Bench of Justice Bansi Lal Bhatt (Acting Chairperson), Shreesha Merla (Technical member) and V.P. Singh (Technical Member) dismissed an appeal on an impugned order with a 2:1 majority judgment. It was of the opinion that it cannot be held to\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270157,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/15\/nclt-can-a-financial-creditor-initiate-insolvency-resolution-process-against-a-personal-guarantor\/","url_meta":{"origin":269887,"position":2},"title":"NCLT| Can a Financial Creditor initiate Insolvency Resolution Process against a Personal Guarantor?","author":"Editor","date":"July 15, 2022","format":false,"excerpt":"National Company Law Tribunal, Hyderabad: The Bench of N. Venkata Ramakrishna Badarinath, Judicial Member, and Veera Brahma Rao Arekapud, Technical Member held that a guarantor cannot enjoy the right of subrogation enunciated in the Contract Act, 1872, when the payment made by the guarantor regards the debt for which the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":268888,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/23\/homebuyers-resolution-professional-delayed-claims-information-memorandom-corporate-insovency-ibc-nclat-legal-research-updates-news\/","url_meta":{"origin":269887,"position":3},"title":"Should Resolution Professional include delayed claims of homebuyers under \u00a0memorandum of information? NCLAT decides","author":"Editor","date":"June 23, 2022","format":false,"excerpt":"National Company Appellate Tribunal, New Delhi: The Coram of \u00a0Ashok Bhushan, J (Chairperson), Shreesha Merla (Technical member), and Naresh Salecha (Technical member) has held that regardless of the delay made in filing the claims by homebuyers, a resolution professional should include the corporate debtor\u2019s liabilities as mentioned in the Memorandum\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":210477,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/21\/nclt-article-137-of-limitation-act-not-applicable-to-insolvency-application-under-s-7-ibc-where-corporate-debtor-acknowledges-debt-in-its-balance-sheet\/","url_meta":{"origin":269887,"position":4},"title":"NCLT | Article 137 of Limitation Act not applicable to insolvency application under S.7 IBC where corporate debtor acknowledges debt in its balance sheet","author":"Bhumika Indulia","date":"February 21, 2019","format":false,"excerpt":"National Company Law Tribunal, Mumbai:\u00a0The Bench of Bhaskara Pantula Mohan, Member (Judicial) and V. Nallasenapathy, Member (Technical) allowed a petition filed by TJSB Sahakari Bank (\"the Bank)\u00a0for admission of an application\u00a0under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219804,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/21\/nclat-nclt-new-delhi-in-terms-of-s-601-ibc-held-to-have-jurisdiction-in-s-7-application-against-corporate-debtor-having-properties-in-up\/","url_meta":{"origin":269887,"position":5},"title":"NCLAT | NCLT, New Delhi in terms of S. 60(1) IBC, held to have jurisdiction in S. 7 application against Corporate Debtor having properties in UP","author":"Bhumika Indulia","date":"September 21, 2019","format":false,"excerpt":"National Company Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. 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