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TMI Blog2024 (6) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... lication - Auction Sale by a Liquidator in a Company Appeal - HELD THAT:- The fact which would emerge from records is that the status of the present Appellant(s) happens to be that of the Erstwhile Director / Shareholder of the Corporate Debtor, as against whom the Order of Liquidation has already attained finality up to the Appellate stage before this Tribunal. Looking in to the circumstances particularly when the Appellant(s) questions the Sale Certificate and Sale made by the Liquidator, it would have been apt on his part to have earlier approached the Liquidator himself at the time of publication of Sale inviting the bids from the Prospective Buyer, which was made by the Liquidator. Having not done so and having waited till the same was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The challenge in the instant Company Appeal Viz. Comp. App (AT) (CH) (INS) No. 167 / 2024, as it has been given by the Appellant is to the Impugned Order dated 13.03.2024, by virtue of which, the Appellant s Application being IA (IBC)/ 118 (CHE) / 2023 has been rejected. 3. The other connected Comp. App (AT) (CH) (INS) No. 168 / 2024, it arises out of the Impugned Order, as it was passed on 13.03.2024, by the Learned Adjudicating Authority in IA (IBC) / 129 (CHE) / 2023, which almost engages consideration of the same question of facts in issue. 4. There are certain facts which are uncontroverted, i.e. the Corporate Debtor was put into Liquidation and the Order of Liquidation which has been put to challenge by the Appellant(s) has attained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt No. 1 herein and primarily the ground of challenge by the Appellant was to the Auction Sale as made on 05.05.2022, which later on stood confirmed on 13.03.2024, was on the ground of mala fides contending thereof that the Auction Sale was in fact made in connivance with the 2nd Respondent in order to sell the Property of the Corporate Debtor by under valuing the same and without making wide publicity; which would ultimately be depriving the Appellant(s) of the Dividends which could have accrued to the present Applicant. 9. The Learned Counsel for the Appellant submits that the Liquidator is bound to ensure, that while conducting the Auction Sale, he should act in a manner to procure higher value and maximise the realisation of the Sale Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 and consequent to it, the Sale proceedings was completed on 05.05.2022, whereafter the Sale Certificate was issued. The Interlocutory Application which was thus filed by the Appellant was after the confirmation of the Auction Sale which was made by the Respondent No. 1, in favour of the Respondent No. 2. 15. Looking in to the circumstances particularly when the Appellant(s) questions the Sale Certificate and Sale made by the Liquidator, it would have been apt on his part to have earlier approached the Liquidator himself at the time of publication of Sale inviting the bids from the Prospective Buyer, which was made by the Liquidator. Having not done so and having waited till the same was actuated upon by publication on 05.05.2022, this in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating it, may not be a subject which could de-novo be scrutinised and be considered by this `Tribunal , particularly when he has not placed his grievances at the appropriate stage, before the Liquidator himself at the stage when he issued the publication of Notice and was proceeding with the Auction Sale, when the Appellant has never questioned the publication, which was issued for Sale of the Property under Liquidation and rather had accepted the Auction Sale without raising any objection and since he had filed the IAs belated for setting aside the Auction Sale by filing the same only on 19.12.2022. 18. In view of the stage at which the Interlocutory Application was filed, coupled with the fact that since the proceedings for Liquidation in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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