# In the matter of Vishwa Infrastructures Finance and Services Private Limited IA (IBC)/157 of 2021 in CP (IB) 329-7-HDB of 2018

> NCLT judgment dated 2021-06-30. Citation: TCN-2021-NCLT-01891. The case involves an application filed by the Liquidator of M/s Vishwa Infrastructures and…

- **Court:** NCLT
- **Order date:** 30 Jun 2021
- **Citation:** TCN-2021-NCLT-01891
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vishwa-infrastructures-finance-and-services-private-limited-ia-ibc157-of-2021-in-ab076ce4

## Summary

### Background

The case involves an application filed by the Liquidator of M/s Vishwa Infrastructures and Services Private Limited, appointed in an earlier order by the Tribunal. The Liquidator sought permission to sell the Corporate Debtor as a going concern, following an earlier order that allowed such a sale. The application was filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, along with relevant regulations concerning liquidation processes.

## Facts

M/s Vishwa Infrastructures and Services Private Limited underwent liquidation, and Shri Hemant Sharma was appointed as the Liquidator. The Liquidator sought permission from the NCLT to sell the Corporate Debtor as a going concern. An earlier order (IA 995/2020) had permitted this sale. The Liquidator conducted multiple e-auction processes. The reserve price was initially fixed at Rs. 76 crores, with an EMD of Rs. 3.8 crores. M/s Indus Projects Private Limited along with Indvis Holdings Private Limited (Special Purpose Vehicle) emerged as the successful bidder with a bid of Rs. 57 crores. The successful bidder requested certain reliefs and concessions, which were deliberated upon in meetings with the lenders. ICICI Bank and YES Bank raised objections to some of the

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## Issues and analysis

### Issue 1: Whether the Liquidator should be permitted to disburse the bid amount of Rs. 57 crores to the …

**Ratio:** Section 53 of the IBC governs the

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**Reasoning:** The Tribunal considered that the sale was conducted as a going concern and the proceeds

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**Interpretation:** Section 53 provides a framework for the distribution of proceeds from the sale

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**Application:** The Tribunal applied Section 53 to allow the Liquidator to disburse the Rs. 57

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## Parties

- **Judges:** Madan B.…; Veera Brahma Rao…
- **Appellants:** SREI EQUIPMENT…
- **Respondents:** Viswa Infrastructu…

## Timeline

- **2021-01-18 — Earlier Tribun…**: Tribunal passed an order in IA 995/2020 permitting the Liquidator to sell the Corporate…
- **2021-02-05 — Meeting of…**: Third meeting of lenders held, Reserve Price fixed at Rs. 76 crores, EMD at Rs. 3.8…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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