# In the matter of Westcoast Infraprojects Private Limited vs. Ram Chandra Dallaram Choudhary Company Appeal (AT) (Insolvency) No. 1258 of 2022

> NCLAT judgment dated 2023-04-28. Citation: TCN-2023-NCLAT-00566. This case involves an appeal against an order dated 06.09.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 28 Apr 2023
- **Citation:** TCN-2023-NCLAT-00566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/westcoast-infraprojects-private-limited-vs-ram-chandra-dallaram-choudhary-compan-677417f9

## Summary

### Background

This case involves an appeal against an order dated 06.09.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Court-2) in I.A. No. 578/2022 in C.P.(IB) 66 of 2017. The appellant, Westcoast Infraprojects Private Limited, challenged the rejection of their application. The liquidation proceedings against the Corporate Debtor, Anil Limited, commenced on 25.10.2018. The Respondent was appointed as Liquidator, who issued an e-Auction Sale Notice on 28.02.2022. The Appellant emerged as the highest bidder in the e-Auction held on 14th March, 2022, for Rs. 3,73,00,00,000/-. The Appellant deposited Rs. 15,00,00,000 as EMD. The Liquidator communicated on 28.03.2022 that the Appellant was the Successful Bidder and required the balance payment by

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## Facts

The Corporate Debtor, Anil Limited, was undergoing liquidation proceedings initiated on 25.10.2018. The Liquidator issued an e-Auction Sale Notice on 28.02.2022. Westcoast Infraprojects Private Limited (Appellant) emerged as the highest bidder on 14th March, 2022, with a bid of Rs. 3,73,00,00,000/- and deposited Rs. 15,00,00,000 as EMD. The Liquidator informed the Appellant on 28.03.2022 that they were the successful bidder, requiring the balance payment by 27.04.2022. The Appellant deposited an additional Rs. 1,60,00,000 on 29th March, 2022. On 17th June, 2022, the Appellant requested an extension for the balance payment, citing pending mutation of revenue entries. The Liquidator rejected the extension request on 22nd June, 2022. On 24th June, 2022, the Appellant

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## Issues and analysis

### Issue 1: Whether the Liquidator was justified in forfeiting the EMD and part payment made by the Appellant …

**Ratio:** The Liquidator is statutorily empowered to fix the terms and conditions of sale,

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**Reasoning:** The court reasoned that the Appellant participated in the e-Auction with full knowledge

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**Interpretation:** The court interpreted the Liquidation Process Regulations and the Tender

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**Application:** The court applied the ratio to the facts of the case, noting that the Appellant

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Westcoast…
- **Respondents:** Anil Li…; Ram Chandra…

## Timeline

- **2017-01-01 — C.P.(IB) 66…**: Mention of the initial Corporate Insolvency…
- **2018-10-25 — Liquidation C…**: Liquidation Proceedings commenced…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/westcoast-infraprojects-private-limited-vs-ram-chandra-dallaram-choudhary-compan-677417f9