CP(IB)-37/AHM/2017-NCLT

In this case, an application is filed by Successful Auction Bidder of the corporate debtor for permission to withdraw from the e-auction process being held by the liquidator. The applicant had offered to purchase the corporate debtor as a going concern as per the sale notice dated 08.04.2021. The liquidator was aware that proceeding under the PMLA Act, 2002 was initiated and the assets of the corporate debtor were likely to be attached, still, he held the e-auction. NCLT held that the stark facts on record are that the liquidator is not in a position to give the custody of assets of the corporate debtor to the applicant or give possession of the corporate debtor as a going concern to the applicant in spite of him being declared as a successful bidder and the applicant being deposited a sum of Rs. 30 crores with the liquidator. The Liquidator cannot withhold the amount for an indefinite period till proceeding under PMLA Act, 2002 is concluded before the Hon’ble Delhi High Court. In such a situation, we allow this application.