NCLAT permits liquidator to sell inventory of expired stocks to oil manufactures via e-auction
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- Last Updated on 30 July, 2021
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Case details: Satya Narayan Jhunjhunwala v. Supriyo Kumar Chaudhuri - [2021] 128 taxmann.com 346 (NCLAT-New Delhi)
Judiciary and Counsel Details
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- Jarat Kumar Jain, Judicial Member and Kanthi Narahari, Technical Member.
- Mohit Chaudhary, Ms. Garima Sharma, Malak Bhatt, Ms. Neeha Nagpal and Udbhav Nanda, Advs., for the Appellant.
- Ramji Srinivasan, Sr. Adv., Indranil Ghosh, Orijit Chatterjee, Ms. Swati Dalmia, Akash Yadav, Plazer Mokhtan, Advs., Aman Sighania, Bishwajit Dubey, Ms. Ritika Sinha and Madhav Kanoria, Advs. for the Respondent.
Facts of the Case
In the given case, the Applicant – liquidator of corporate debtor by way of application sought permission for immediate sale of inventory of corporate debtor by way of e-auction.
The Applicant submitted that there were certain expired finished products, i.e., Olein and Refined Palm Oil, forming part of the inventory of corporate debtor and said inventory was not fit for human consumption, however, it was of use for other edible oil manufacturers for purpose of reprocessing along with crude oil and industrial users such as soap manufacturers.
NCLAT Held
Further, the price of such inventory was highly volatile and may go down quickly. In view of fact that inventory/goods were perishable in nature, the applicant/liquidator was to be permitted to sell the inventory of expired stock of Refined Palm oil by way of e-auction in a transparent manner to the highest bidder, keeping in view the interest of all stakeholders
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