Delhi High Court - Orders
Mr. Vineet Khosla vs M/S Edelweiss Asset Reconstruction ... on 28 December, 2020
Author: Subramonium Prasad
Bench: Subramonium Prasad
$~10
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C). 11233/2020
MR. VINEET KHOSLA ..... Petitioner
Through Mr. Deepak Khosla, Advocate
versus
M/S EDELWEISS ASSET RECONSTRUCTION COMPANY LTD.
& ORS. ..... Respondents
Through Mr. R.P. Agrawal with Ms. Manisha
Agrawal and Ms. Pragati Agrawal,
Advocates for R-1.
Mr. Abhishek Anand with Mr. Kunal
Godhwani, Advocates for R-2 and R-
4 & R-5.
Mr. Paramjeet Singh Bhatia,
Liquidator in person.
CORAM:
HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD
ORDER
% 28.12.2020 HEARD THROUGH VIDEO CONFERENCING CM.APPL 35033/2020 (exemption) Allowed, subject to all just exceptions.
W.P.(C).11233/2020 & CM.APPL 35032/2020 (interim relief)
1. The petitioner by way of this writ petition challenges the order dated 23.12.2020, passed by the learned NCLAT in Company Appeal (AT) (Ins.) W.P.(C).11233/2020 Page 1 of 3 No. 1124-25 of 2020. The NCLAT by the impugned order has directed the liquidator to proceed ahead with the auction. It has been clarified in the impugned order that the auction will be subject to the final outcome of the appeal.
2. At the outset, it has been pointed out to Mr. Deepak Khosla, learned counsel appearing for the petitioner that Section 62 of the IBC provides for an appeal to the Supreme Court from an order of the NCLAT and this court is not inclined to entertain the petition under Article 227 of the Constitution of India.
3. Mr. Khosla, learned counsel seeks permission to withdraw the writ petition for availing the remedy provided for under the IBC. We therefore permit Mr. Khosla to withdraw the writ petition with liberty to approach the Supreme Court under Section 62 of the IBC.
4. Mr. Khosla however submits that even though the NCLAT has made the auction subject to the final outcome of the result of the appeal before it, the bidders might not be aware of the said observation and therefore it is necessary that the order impugned in this writ petition is uploaded on the net.
5. This Court directs the Liquidator to upload the order of the NCLAT W.P.(C).11233/2020 Page 2 of 3 which is impugned in the writ petition on the website of the liquidator and also on the website calling for bids for the auction of assets of M/s Margra Industries Ltd (in liquidation) under the IBC code.
6. Mr. Khosla also further states that the auction may not be confirmed for a period of three weeks. This court is not inclined to entertain this submission. It is however open to petitioner to approach the NCLAT for appropriate orders regarding confirmation of sale.
7. The writ petition is disposed of in the above mentioned terms along with the pending applications.
SUBRAMONIUM PRASAD (VACATION JUDGE) DECEMBER 28, 2020 rs W.P.(C).11233/2020 Page 3 of 3