# In the matter of Auro Mira Energy Company Private Limited

> NCLT judgment dated 2024-01-25. Citation: TCN-2024-NCLT-02885. The case involves an application (IA(IBC)/2432(CHE)/2023) filed by the Liquidator of M/s. Auro…

- **Court:** NCLT
- **Order date:** 25 Jan 2024
- **Citation:** TCN-2024-NCLT-02885
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/auro-mira-energy-company-private-limited-5e8eabd9

## Summary

### Background

The case involves an application (IA(IBC)/2432(CHE)/2023) filed by the Liquidator of M/s. Auro Mira Energy Company Private Limited, seeking directions related to the liquidation process. The Corporate Debtor, Auro Mira Energy Company Private Limited, was ordered for liquidation on 04.01.2018. The liquidator conducted multiple e-auctions for the sale of shares of its wholly owned subsidiary, M/s. Auro Mira Energy and Infrastructure India Private Limited. The respondents, D. Rajkumar and Veeraprakasham Rajamanickam, were initially declared successful bidders in the second e-auction but failed to remit the balance consideration within the stipulated time. Subsequent e-auctions failed. The respondents then filed an application seeking a refund of the consideration they had

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## Facts

1. The National Company Law Tribunal (NCLT), Chennai, is hearing IA(IBC)/2432(CHE)/2023 in CP/473/IB/2017, an application filed by the Liquidator of M/s. Auro Mira Energy Company Private Limited.
2. The NCLT had ordered the liquidation of Auro Mira Energy Company Private Limited on 04.01.2018 and appointed the applicant as the Liquidator.
3. The Liquidator conducted a second E-Auction on 25.08.2021 for the sale of shares of the wholly owned Subsidiary Company, M/s. Auro Mira Energy and Infrastructure India Private Limited, with a reserve price of Rs.8.135 Crores.
4. D. Rajkumar and Veeraprakasham Rajamanickam (Respondents) deposited Rs.82.00 Lakhs as Earnest Money Deposit (EMD) on 23.08.2021 and participated in the e-auction. They were declared successful bidders for

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## Issues and analysis

### Issue 1: Whether the delay in making payment by …

**Ratio:** The ratio is based on the principles of equity and fairness, considering the

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**Reasoning:** The court considered the respondents' initial failure to remit the balance consideration

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**Interpretation:** The interpretation involves balancing the strict timelines prescribed under the

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**Application:** In this case, the court implicitly condoned the delay by directing the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** R.VENKATAKR…
- **Respondents:** Auro Mira Energy…; D. Rajk…

## Timeline

- **2018-01-04 — Liquidation…**: Tribunal ordered for Liquidation of the Corporate Debtor viz. Auro Mira Energy Company…
- **2021-08-25 — Second E-A…**: Liquidator conducted the second E-Auction for the sale of shares of wholly owned…

## 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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