Supreme Court of India
M/s Asj Fnsolutions Pvt. Ltd v. Vikram Bajaj
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We find no reason to interfere with the impugned order. 23. The appeal is hence dismissed. 24. Pending application(s), if any, shall stand rejected.
Judgment, 22-24
In brief
The appellant was the successful bidder at Rs.25.56 crores (the reserve price) for Lot No.5 in an e-auction of the corporate debtor's assets held on 15.11.2021 during liquidation under the IBC; the sale was on an 'as is where is' basis and the auction notice expressly noted a pending civil suit concerning the sale deed of a 6M portion and that the Liquidator was applying for its custody. The appellant deposited Rs.6.39 crores (25% of the bid, comprising Rs.2.55 crores EMD, being 10% of the reserve price, plus Rs.3.84 crores of the balance consideration) without protest, and on 15.12.2021 e-mailed the RP undertaking to pay the balance Rs.19.17 crores with 12% interest by 14.02.2022, the outer 90-day date.…
Authorities it was built on
- 2024 Authorised Officer, Central Bank of India v. Shanmugavelu
- Westcoast Infraprojects Private Limited v. Mr. Ram Chandra Dallaram Choudhary
- Potens Transmission & Power Pvt Ltd v. Apex Buidlsys Ltd (In Liquidation)
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