Case Law Details

Case Name : Liberty House Group Pte. Ltd. Vs State Bank of India & Ors. (NCLAT Delhi)
Appeal Number : Company Appeal (AT) (Insolvency) No. 724 of 2019
Date of Judgement/Order : 17/02/2020
Related Assessment Year :
Courts : NCLAT (38)

Liberty House Group Pte. Ltd. Vs State Bank of India & Ors. (NCLAT Delhi)

Mr. Virendra Ganda, learned Senior Counsel for the Appellant(s) submits that the amount in terms of the earlier order dated 21st January, 2020 has been paid. Mr. Joy Saha, learned Senior Counsel appearing on behalf of ‘Committee of Creditors’ has also accepted the same.

In view of the development, the order of ‘Liquidation’ is stayed and the ‘Liquidator’ will function as ‘Resolution Professional’.

The only question, which is required to be determined, is about the ‘corporate insolvency resolution process cost’. According to the Appellant, it has already paid the amount. The table of payments have been provided by the Appellant, which is as follows:

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In view of the above development, we allow the ‘Resolution Professional’/‘Liquidator’ to hand over the records, control etc. to the Appellant (‘Successful Resolution Applicant’ – Liberty House Group Pte. Ltd.).

Parties will also ensure to implement the plan in its letter and spirit. The detailed affidavit(s) be filed by the Appellant and the ‘Committee of Creditors’ within a week. Rest of the issues will be decided on the next date.

Post the case ‘for orders’ on 3rd March, 2020 before the 1st Bench on the top of the list. The appeal may be disposed of on the next date.

In view of the aforesaid development, having complied with the ‘Resolution Plan’, it will be open to the Appellant – ‘Liberty House Group Pte. Ltd.’ to move before the ‘Insolvency and Bankruptcy Board of India’ with the request to withdraw the complaint before the Learned Special Judge, Cuttack. The Appellant may request the learned Session Judge, High Court of Orissa and the learned Special Judge, Cuttack not to take cognizance of the offence.

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