9911796707
TMI Blog2024 (2) TMI 1260X X X X Extracts X X X X X X X X Extracts X X X X ..... was provided for 10 days whereas in the Schedule I, the time for payment is for 90 days. HELD THAT:- Auction having already held with regard to lot-III, challenge to auction notice cannot be entertained. In so far as the submission of the Appellant that in the process document only 10 days time is allowed for making payment whereas regulation provides for 90 days, it is well settled that in event of conflict between a clause in the process document and the regulations, it is the regulation which will override. The question of payment arises only when auction is confirmed and when bidder is declared a successful bidder. It is not the case of the Appellant that Appellant has been declared as Successful Bidder and he has been asked to d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal be pleased to issue a directive to prohibit the Respondent from advancing with the E-Auction subsequent to the issuance of the Notice dated 07.07.2023 for the Sale of Corporate Debtor's Assets; e) That this Hon'ble Tribunal be pleased to issue n direction to maintain the status quo in the Liquidation Process of the Corporate Debtor concerning the Sale of Corporate Debtor's Assets; f) That this Hon'ble Tribunal be pleased to grand interim and ad- interim reliefs in terms of prayer clauses a), b), c), d), and e). g) That this Hon'ble Tribunal be pleased to pass such other and further orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 9. In so far as the submission of the Appellant that in the process document only 10 days time is allowed for making payment whereas regulation provides for 90 days, it is well settled that in event of conflict between a clause in the process document and the regulations, it is the regulation which will override. The question of payment arises only when auction is confirmed and when bidder is declared a successful bidder. It is not the case of the Appellant that Appellant has been declared as Successful Bidder and he has been asked to deposit within 10 days, Appellant having not participated in the auction, we are of the view that at his instance the auction notice has not rightly been quashed by the Adjudicating Authority. 10. In s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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