Goel & Anor v Grant & Anor (As Joint Administrators of Meem SL Ltd) & Anor

Goel & Anor v Grant & Anor (As Joint Administrators of Meem SL Ltd) & Anor

There was no binding contract for assignment of the claim, as negotiations were subject to contract and essential terms were not agreed. The administrators' proposal to auction the claim did not cause unfair harm to the applicants, as the process was commercially justified, applicants had means to bid, and there was no evidence of perversity or unjustifiable harm.

Parties
Applicant: Anil Goel; Applicant: Sushil Gupta; Respondent: Stephen Grant; Respondent: Anthony Cork; Respondent: Kelly Sumner
Jurisdiction
England and Wales
Judgment Date
30 October 2017
Procedural Posture
Insolvency Application / Judgment on Application to Restrain Sale of Company Claim
Outcome
application dismissed
Legal Topics
Administration, Assignment of Claims, Unfair Harm, Contract Formation, Auction of Company Assets
Insolvency Company Law Contract Administration Assignment of Claims Unfair Harm Contract Formation Auction of Company Assets

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Parties

Anil Goel

Applicant

Sushil Gupta

Applicant

Stephen Grant

Respondent

Anthony Cork

Respondent

Kelly Sumner

Respondent

Procedural Posture

Insolvency Application / Judgment on Application to Restrain Sale of Company Claim

Legal Issues

  1. 1 Whether administrators are contractually bound to assign the company's claim to applicants
  2. 2 Whether proposed auction of the claim causes unfair harm under paragraph 74 of Schedule B1 to the Insolvency Act 1986

Ratio Decidendi

There was no binding contract for assignment of the claim, as negotiations were subject to contract and essential terms were not agreed. The administrators' proposal to auction the claim did not cause unfair harm to the applicants, as the process was commercially justified, applicants had means to bid, and there was no evidence of perversity or unjustifiable harm.

Court Disposition

application dismissed

Orders

  • Application to restrain administrators from auctioning the claim is dismissed.
  • Costs and consequential matters to be determined at a later hearing.