Facts of the Case:
In the liquidation proceedings where assets were sold as a going concern, the Appellant was a successful auction purchaser. The Appellant had claimed about 30 reliefs and concessions which were rejected. Hence, the present appeal is being filed against the order by which the reliefs and concessions were rejected.
The cause of action arises as the Adjudicating Authority rejected the application.
Observation and Finding of the Bench:
The bench held that the Adjudicating Authority has wide enough power to consider any application that is being filed by the liquidator or a successful auction purchaser. Therefore, the Appellant was permitted to file an appropriate application before the Adjudicating Authority.
Cause Title: RMY Industries LLP v. Apple Industries Pvt. Ltd. Through its Official Liquidator
Bench: Justice Ashok Bhushan (Chairperson), Dr. Alok Srivastava Member (Technical), Barun Mitra Member (Technical)
Decided on: October 12th, 2022
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