Tag Archives: Liquidation

E-Auction Notice: VGA Developers Pvt Ltd in Liquidation

[Regulation 32 and 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]
Sale of Assets and Properties owned by and forming part of Liquidation Estate of VGA DEVELOPERS PRIVATE LIMITED IN LIQUIDATION presently in the possession of the Liquidator, appointed by the Hon’ble National Company Law Tribunal, New Delhi vide order dated 1 September 2021. The sale of properties will be done by the undersigned through the e-auction platform:

CIN: U45400DL2010PTC197841
Last Date to apply and submission of Documents:19 April 2022, 5.00 PM
Date and Time of E-Auction: 22 April 2022, 10.30 AM to 4.30 PM
(With the unlimited extension of 5 minutes each)

Assets detailsReserve PriceEMDIncremental Value
Land and Building: Residential plot under sub-lease with an area of 20,071 Square Meters (approximately 4.95 Acres) along with a partially build Building located at GH-P4 situated at Sector 25, Jaypee Greens Sports City, SDZ, Yamuna Expressway Industrial Development Authority Area, District Gautam Budh Nagar, Uttar Pradesh (as it is)₹ 40,50,00,000 (Forty Crore Fifty Lakhs Rupees Only)₹ 4,05,000 (Four Crore Five Lakh Rupees Only)₹10,00,000
(Ten Lakh Rupees Only)

The terms and conditions of the E-auction are as under:

  1. E-Auction will be conducted on “AS IS WHERE IS’’, “AS IS WHAT IS” and “WHATEVER THERE IS BASIS’’ through approved service provider M/s e-procurement Technologies Limited (Auction Tiger).
  2. The Complete E-Auction process document containing details of the Assets, online e-auction Bid Form, Declaration and Undertaking Form, and General Terms and Conditions of online auction sale are available on the website https://ncltauction.auctiontiger.net.
    Contact Person on behalf of Auction Service Provider:

Mr. Praveenkumar Thevar at +91-9722778828/6351896834/ 079 6813 6855/854 E-mail: praveen.thevar@auctiontiger.net, nclt@auctiontiger.net  /support@auctiontiger.net

Contact Person on behalf of liquidator:

Mr Dharmveer Kumar at +91 95556 66268
Email: cirp.vgadevelopers@gmail.com

Date: 5 April 2022
Place: New Delhi
  Mr. Aishwarya Mohan Gahrana
Liquidator IBBI/IPA-002/IP-N00135/2017-18/10351
5 April 2022 Business Standard English New Delhi Page 5
5 April 2022 Business Standard Hindi New Delhi Page 9
5 अप्रैल 2022 बिज़नस स्टैंडर्ड हिन्दी नई दिल्ली पृष्ठ 9

Promoters in doubt to file settlement proposal during Liquidation Process

Guest Post: Adv. Nitin Kumar Kaushik (Insolvency Professional) advnitinkaushik@gmail.com Mob: 70422-58781

Issue: whether the withdrawal of application filed by the Applicant under section 7, 9 and 10 of IB Code can be permitted by the NCLT post liquidation order passed under section 33 of IB Code. OR, can promoter be entitled to propose a scheme of the arrangement after passing Liquidation Order under Section 33 of IB Code?

Earlier, as per Rule 8 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (“CIRP Rules”), the National Company Law Tribunal may permit withdrawal of Section 7, 9 and 10 of Insolvency and Bankruptcy Code, 2016 (“IB Code”), on a request by the applicant before its admission. However, at that time, there was no provision in the IB Code to permit withdrawal of the CIRP process after the admission of CIRP.

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Provident Fund/ Pension/ Gratuity is not part of Liquidation Estate

Guest Post: Adv. Nitin Kumar Kaushik (Kaushik Insolvency Professionals)

Numbers of Insolvency Professionals or Liquidators are facing the problem with respect to whether the Provident Fund/Pension Fund/Gratuity Fund is part of liquidation estate or not under Section 36 of the Insolvency and Bankruptcy Code, 2016 “IBC”. Generally, what happens, the Company had deducted the amount, in the form of provident fund or pension fund or gratuity amount, from the salary of the employee/workmen and then did not deposited or failed to deposit in the account of Employees Provident Fund Organisation “EPFO” or Pension Fund Organisation “PFO”. Thereafter, the government department i.e., EPFO or PFO attached the property of the Corporate Debtor in respect of dues of provident fund or pension fund or gratuity amount on the Corporate Debtor, even the attached property already mortgaged with any of the financial institutions or not.

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