# In the matter of Jasamrit Designers Private Limited vs. Gian Chand Narang, Liquidator of Apex Buildsys Limited Company Appeal (AT) (Insolvency) No. 258 of 2023

> NCLAT judgment dated 2023-07-04. Citation: TCN-2023-NCLAT-00808. The case involves an appeal against an order dated 02.12.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 4 Jul 2023
- **Citation:** TCN-2023-NCLAT-00808
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jasamrit-designers-private-limited-vs-gian-chand-narang-liquidator-of-apex-build-0d11ad5e

## Summary

### Background

The case involves an appeal against an order dated 02.12.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, regarding I.A. No. 3207 of 2022 in CP(IB) No. 706/PB/2018. The appeal was filed by a successful bidder challenging the order.

## Facts

The Adjudicating Authority passed an order dated 02.12.2022, which is being challenged in this appeal.

The Adjudicating Authority passed an order dated 09.01.2020 for liquidation of Apex Buildsys Limited-Corporate Debtor.

E-Auction Notice was issued by the Liquidator for the sale of the Corporate Debtor as a going concern.

The Appellant was selected as the highest bidder in the e-Auction held on 23rd May, 2022, with a bid of INR 91 Crores against a reserve price of INR 73 Crores.

The Liquidator issued a Sale Certificate dated 22nd June, 2022 to the Appellant.

The Appellant filed I.A. No. 3207/2022 seeking certain directions/reliefs/concessions.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in not granting the reliefs sought by the Appellant for …

**Ratio:** The Adjudicating Authority is required to consider the reliefs/concessions/directions

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**Reasoning:** The sale of the Corporate Debtor was as a going concern, and the E-Auction Process

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**Interpretation:** The Adjudicating Authority has the power to issue necessary directions and

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**Application:** The Appellant is granted liberty to file a fresh Application before the

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## Parties

- **Judges:** Ashok Bh…; Naresh Sa…
- **Appellants:** Jasamrit Designers…
- **Respondents:** Apex Buildsys…; Gian Chand…
- **Advocates:** Pooja Ma…; Arveena S…; +5 more

## Timeline

- **2020-01-09 — Liquidation…**: The Adjudicating Authority passed an order for liquidation of Apex Buildsys…
- **2022-05-04 — E-Auction…**: E-Auction Notice was issued by the Liquidator, fixing 23rd May, 2022 as the date for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 53 — Distribution of assets](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-53)

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