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14. Upon the sale of the MSD Business, the Cloud Computing Business ("CC Business") was the only business of the Company. In the Notice of Motion filed KPPNair -8- CP 28 of 2012 in the Suit, the Company stated that the value of the CC Business was approximately US $ 150 Million. However, the Petitioner contended that this was not the correct valuation. In view thereof, by an order dated 23 rd December, 2011, this Court appointing Ernst and Young ( E & Y) to submit a valuation report. On 14th February, 2012, E & Y valued the CC Business at INR 598 Million. In view thereof, this Court passed an ad-interim order directing the Company not to dispose of its CC Business and the Petitioner was allowed to apply for a copy of the E & Y Report. The Petitioner engaged Grant Thornton to conduct an independent valuation and Grant Thornton issued a report (G.T. Report) wherein the CC Business was valued at INR 198 to 239 crores.

21. Division Bench of this Court challenging the order admitting the Company Petition dated 30th July, 2013 ("DB Appeal"). On 23rd August, 2013, two employees of the Company filed an Appeal challenging the order admitting the Company Petition before the Division Bench of this Court("Employee Appeal").

It is pertinent to note that in the said Appeal, the employees have not taken any ground to the effect that the Cloud Computing Business of the Company is worth approximately INR 400 crores, as now alleged by them in the Application taken out by them to intervene in the present Company Petition.

37. Without prejudice to the aforestated contention raised by the Company, it is next submitted on behalf of the Company that the Cloud Computing Business (CC Business) may be sold as a going concern and in the event there is any shortfall in satisfying the dues of the bondholders, other movable properties and assets of the Company be sold in order to satisfy the Petitioner's claim to the KPPNair -27- CP 28 of 2012 extent possible. It is further submitted on behalf of the Company that if the winding up order is passed, it would adversely affect the quantum of consideration that could be realized from the sale of the CC Business. The Company accordingly submitted that the hearing of the Petition be adjourned till the aforesaid exercise is completed.