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TMI Blog2022 (6) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... avit of the Appellant filed before the Adjudicating Authority makes it clear that the Appellant s application for capital bridge funding was of Rs.300 lakhs whereas sanction of funding was shown as Rs.700 lakhs. Such stand taken by the appellant itself creates serious doubts on the conduct of the appellant. The appellant has initiated the present proceeding only and only with a view to defeat the auction sale - Appeal dismissed. - COMPANY APPEAL (AT)(INSOLVENCY) No.597/2021 - - - Dated:- 31-5-2022 - (Justice Rakesh Kumar) Member (Judicial) And (Dr. Ashok Kumar Mishra) Member (Technical) For the Appellant : Mr Shivek Trehan, Ms Shagun Chopra, Advocates For the Respondent : Mr Dhiren R Dave PCS and Mr. Jigar Shah, Liquidator JUDGEMENT (VIRTUAL MODE) JUSTICE RAKESH KUMAR, MEMBER (JUDICIAL) The present Appeal has been preferred under Section 61 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred as the IBC Code ) against an order dated 29.06.2021 passed by the Adjudicating Authority/ National Company Law Tribunal Mumbai Bench, Mumbai in IA No.1129/2021 in CP(IB) No.162(MB)/2019. 2. As per the materials available on record, which is not in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been assailed in the present Appeal. 4. In the present Appeal a Reply has been filed by the Liquidator of Harneshwar Agro Products Power and Yeast (I) Ltd, Corporate Debtor, by Mr. Jigar Shah, which has not been controverted by the Appellant not any rejoinder has been filed by the Appellant. In reply a detailed chart showing dates and events has been sated in para 3 which is quoted hereunder:- S. No Date Particulars Remarks 1 31.03.2021 Auction Notice was issued with a last date for inspection 13.04.2021 and last date for filing the bid with Earnest Money of Rs.1,07,58,000/- was 15.04.2021 4 PM and date of Auction was 20.04.2021 Admitted fact 2 07.04.2021 Appellant visited the site, Means they were about the auction Not stated in the Appeal. Unclean hands approach. 3 13.04.2021 Last date of inspection Admitted fact 4 15.04.2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .06.2021 Hon. Adjudicating Authority gave sufficient time to prove their bonafides even after completion of Auction Bid and deposit the amount with liquidator. IA was dismissed. Appellant had no money and was not able to prove their own bonafides and they wanted to reverse the clock. 14 28.07.2021 Certificate of Sale for Plant and Machinery was issued Copy of Certificate of Sale attached as Annexure C 15 31.07.2021 Possession handed over to Successful Bidder Copy of possession letter attached as Annexure D 16 02.08.2021 Appeal was executed 34 days after dismissal of IA. This shows that there was no genuine interest but harass. 17 Sale Deed is under process of execution. Draft ready. 5. Primarily a stand has been taken in the Reply by the Liquidator that the Appellant has not come to this Tribunal with clean hands and many important ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rse, learned counsel for the Appellant at the initiation of the arguments had argued that the application was rejected on extraneous reasons, however, at the time of argument no such fact was brought to the notice of the Court. 9. Shri Dhiren R Dave, Learned PCS for Respondent at the very outset has argued that in the pleading there was no allegations against the Liquidator. However, at the time of arguments a subsequent case was tried to be developed that the order was passed due to extraneous reasons. He has specifically referred to Annexure C to show that the appellant s intention was not to participate in the bid proceeding but his prime object was to delay the auction which is reflected from email dated 15.04.2021 which is placed at Annexure C. He by way of referring to fact enumerated in the reply submits that on the date of auction i.e. 20.04.2021, 16 bidders participated and auction was complete on the fixed date at Rs.2.5 crore which was much higher than the reserve price. Thereafter, Letter of Intent to successful bidder was also sent and in between 26.4.2021 to 28.4.2021 unsuccessful bidders were refunded their EMD. About after 16 days of this events an email was rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the email dated 15.4.2021 of the Appellant which is Annexure C hereunder: 11. On examination of the email of the Appellant there is no difficulty to infer that the Appellant was not at all interested to participate but his sole object was to delay the bid. Even though as per auction notice which was held on the date fixed i.e. 20.04.2021 total 16 bidders participated but much belatedly the Appellant started raising dispute and finally he filed IA Petition before the Adjudicating Authority assailing the bid. Of course, the order of the Adjudicating Authority is not elaborate but on perusal of the same it is reflected that despite indulgence given by the Adjudicating Authority for depositing the amount as stated by the Appellant, he never comply with the same and one way or the other he was trying to delay the proceeding and as such the learned Adjudicating Authority was left with no option but to reject the same. The affidavit filed before the Adjudicating Authority enclosing with letter of sanction by one of the so called lender i.e. Jyoti Kranti Cooperative Credit Society Ltd prime facie also appears to be doubtful. We are in agreement with the submissions of the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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