# In the matter of Shyam Metalics and Energy Ltd. Vs. Kshitiz Chhawcharia, Liquidator, Concast Steel & Power Ltd. (in Liquidation) & Anr. CA(AT)(Ins) No. 53 of 2020

> NCLAT judgment dated 2020-01-13. Citation: TCN-2020-NCLAT-00543. The case involves an appeal against an order by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 13 Jan 2020
- **Citation:** TCN-2020-NCLAT-00543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shyam-metalics-and-energy-ltd-vs-kshitiz-chhawcharia-liquidator-concast-steel-po-163b9815

## Summary

### Background

The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The appellant, Shyam Metalics and Energy Ltd., claims to have offered the highest amount (351 Crore) for the Jharsuguda Unit, Orissa, of the Corporate Debtor. The appellant alleges that the Liquidator did not consider this offer and may sell the asset without a stay order from the Adjudicating Authority. The Adjudicating Authority had adjourned the matter to January 20, 2020, and directed the appellant to submit a copy of the petition to the Liquidator.

## Facts

Shyam Metalics and Energy Ltd. (Appellant) made an offer of 351 Crore for the Jharsuguda Unit, Orissa, of the Corporate Debtor. The Liquidator allegedly did not consider this offer. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, adjourned the matter to January 20, 2020, after noticing the Appellant's application. The Appellant was directed to submit a copy of the petition to the Liquidator. Respondent No.2 claims to be the highest bidder approved by the Liquidator, with a Letter of Intent already issued. The Appellant claims they did not participate earlier. The Adjudicating Authority is expected to pass a detailed reasoned order.

## Issues and analysis

### Issue 1: Whether the Liquidator properly considered the …

**Ratio:** The principle of fair consideration of

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**Reasoning:** The court directs the Adjudicating Authority to consider the application filed by the

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**Interpretation:** This implies that the Liquidator has a duty to fairly consider all offers, and

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**Application:** The Adjudicating Authority must determine whether the Liquidator acted

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…; +1 more
- **Appellants:** Shyam Metalics…
- **Respondents:** Concast Steel &…; Kshitiz Chhawchari…

## Timeline

- **2020-01-08 — Impugned…**: The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, noticed the…
- **2020-01-20 — Adjournmen…**: The matter was adjourned to January 20,…

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