Case Law Details
Kuldeep Singh & Anr Vs Manjul Mittal Liquidator, Sainsons Pulp and Papers Ltd. (NCLAT)
The NCLAT has accepted the private sale in favor of Kuldeep Singh & Anr in a case against the liquidator of Sainsons Pulp and Papers Ltd. The appeal was filed against the termination and forfeiture of the auction bid. The appellant, the highest auction purchaser, failed to make the full payment within the specified timeframe but later deposited the entire balance amount with interest as directed by the NCLAT. The NCLAT concluded that no useful purpose would be served by unsettling the private sale and ordered the liquidator to proceed with the transfer of the property.
The appeal was filed against the termination and forfeiture of an auction bid in the liquidation proceedings of Sainsons Pulp and Papers Ltd. The appellant, the highest auction purchaser, initially failed to make the full payment within the specified timeframe. However, the appellant later deposited the entire balance amount with interest as directed by the NCLAT. The NCLAT determined that unsettling the private sale would serve no useful purpose and ordered the liquidator to proceed with the transfer of the property.
The appellant was the highest auction purchaser in a private sale conducted by the liquidator. Despite initially failing to make the full payment within the specified timeframe, the appellant deposited the entire balance amount with interest as directed by the NCLAT. The NCLAT acknowledges that the private sale had already been concluded and that the appellant’s full payment had been made. Therefore, the NCLAT concludes that there is no need to unsettle the private sale and orders the liquidator to proceed with the transfer of the property.
Conclusion: Based on the analysis of the grounds of the appeal and the timeline of events, the NCLAT accepts the private sale in favor of Kuldeep Singh & Anr. The appellant, after initially failing to make the full payment within the specified timeframe, later deposited the entire balance amount with interest as directed by the NCLAT. The NCLAT determines that no useful purpose would be served by unsettling the private sale, as the full payment has been made. Therefore, the NCLAT orders the liquidator to proceed with the transfer of the property.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
