Fixation Of Reserve Price For Auction Being Commercial Decision Of Stakeholders Consultation Committee, NCLT Can’t Sit In Appeal; NCLT Kolkata
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Fixation Of Reserve Price For Auction Being Commercial Decision Of Stakeholders Consultation Committee, NCLT Can’t Sit In Appeal; NCLT Kolkata

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The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Balraj Joshi, has held that fixation of reserve price for auction is a commercial decision of Stakeholders Consultation Committee and the NCLT would not sit in appeal over such decision. We are also of the view, it is the SCC who are in a position to reasonably assess the value of the assets.” The Liquidator and the Stakeholders Consultation Committee differed on the amount of reserve price fixed for auction of Corporate Debtor’s plant and machinery. The NCLT directed the Liquidator to opt for the reserve price fixed by the Stakeholders Consultation Committee. 6.5 Crores “Keeping in view the opinion of Stakeholders Consultation Committee which comprises of various banks and also the facts and circumstances as enumerated above with a view to seek maximization of the value of the assets, we direct; i. Liquidator to publish a fresh auction notice fixing it minimum reserve price of 6.50 Crore as opined by Stakeholders Consultation Committee.” Case Title: Sauria Corporation v Kohinoor Pulp & Paper Private Limited Case No.

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