2021 (12) TMI 1458 - AT - Insolvency and Bankruptcy

Irregularity in the e-auction process in terms of Regulation 33 and Schedule 1 of the IBBI (Liquidation Process) Regulations, 2016 or not - existence of whiff of any short of collusion between the highest bidder and other bidders - validity of cancellation of present auction - HELD THAT - It is submitted that the Appeal may be disposed of with this liberty that in case, any occasion arises, the Appellant will be at liberty to agitate the grounds before the Appropriate forum or may file an Application for revival of this Appeal. It is thought proper to dispose of this Appeal in the light of the aforesaid submissions - appeal disposed off.

Summary

Issues Involved:
- Challenge to impugned order
- Disposal of appeal with liberty for revival

Analysis:
The judgment concerns an appeal before the National Company Law Appellate Tribunal, New Delhi. The appellant's counsel highlighted that the impugned order was challenged in another appeal, where the tribunal set aside the impugned order. Consequently, the appellant requested the current appeal to be disposed of with the liberty to agitate the grounds before the appropriate forum or file an application for revival if needed. In light of these submissions, the tribunal decided to dispose of the appeal with the mentioned liberty and no order as to costs. Additionally, any interim order passed by the tribunal was vacated as part of the disposal process.