debtor. Pertinently, the last date for submission of resolution plans was extended multiple times and was last fixed for 22.04.2019. However, no resolution plans were received within the 270- days period as stipulated under the Code. Then on 25.06.2019 Liquidation was ordered and applicant was appointed as a Liquidator. As a Liquidator, he had taken several steps to sell the Corporate Debtor as a going concern. Five rounds of e-auctions were conducted for selling the corporate debtor or its business as a going concern. The applicant also approached a number of potential bidders and invited them to submit their bids in accordance with the Liquidation Regulations. However, no bids were received for the corporate debtor. In the sixth round of e-auction conducted by petitioner Thakur Prasad Sao & Sons Pvt. Ltd. as a highest bidder chosen to buy the Corporate Debtor. Subsequently, the said bidder not responded to any more. Hence, after 01.04.2021 H1 bidder Thakur Prasad Sao & Sons was declared as non-responsive. Then, the second highest bidder “Consortium” of Radhe Ram Shaw and Virajaa Steel & Power Private Limited is considered as a Successful Bidder and negotiations were held with them and they were perused to accept the offer. The said successful bidder already filed an application IA (IB) No. 133/CB/2021 for approval of acquisition plan, the same was ordered on 17.05.2022.
