9911796707
TMI Blog2022 (8) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... the Impugned Order dated 14.12.2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, New Delhi, Principal Bench) in I.A. 5738 of 2021 in CP (IB) No. 1644/PB/2018 under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'The Code'), by 'M/s. SGA Fashion Pvt. Ltd.'/the Appellant herein. By the Impugned Order, the Adjudicating Authority has imposed a cost of Rs.9Lakhs/- on the Appellant for misconceived litigation. 2. It is the case of the Appellant that the imposition of huge cost of Rs. 9 Lakhs/- by the Adjudicating Authority is highly arbitrary; that Rule 149 of the National Company Law Tribunal (NCLT) Rules 2016, does not give any powers to the Adjudicating Authority to impose su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property i.e., C-49 Sector 81, Noida. Subsequently on 11.12.2021, the Liquidator had consented and the Appellant was allowed to bid for one property. 3. It is submitted that the Appellant had nowhere delayed the Liquidation Process; that they were well within their rights to invoke their remedy by filing an Application before the Adjudicating Authority; it is the fault of the Liquidator to reject both the bids of the Appellant instead of one of them; that the Adjudicating Authority has erroneously imposed cost of Rs.9Lakhs/- on the ground that it was misconceived litigation without taking into consideration that a right to prejudice was caused to the Appellant as the Appellant was eligible for at least one property, but the Respondent has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant has chosen to file an Application before the Adjudicating Authority on the last date only with the sole intention of getting the auction cancelled and therefore the Adjudicating Authority was justified in imposing costs of Rs.9Lakhs/-. 5. The documentary evidence on record establishes that the Appellant herein contended before the Learned Adjudicating Authority that pre-bidding qualification will not bind the bidders and sought for relief to be granted under the eligibility criteria at Clause 1.15 of the tender document. Having sought for participating in the bidding process, the contention that pre-bid qualification will not bind the bidders is erroneous as such a situation would only negatively affect the efforts of the Liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
