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2021 (7) TMI 288 - AT - Insolvency and BankruptcyAuction - appellant had vested right for sale or not - sale certificate issued in terms of the e-auction or not - Section 61 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The ‘Object of the Code’ is ‘Resolution’. If this concept fails, then the objective shifts to “maximization of the value of assets of the Corporate Debtor”. It is well settled principle that an auction should be transparent and visible to other bidder. As per IBBI (Liquidation Process) Regulations, 2016 vide Chapter –VI, the process of realisation of assets has elaborately been explained. Regulation 31 of IBBI (Liquidation Process) Regulation 2016 provides how the list of stakeholders be made by the Liquidator and Regulation 31 A - the stakeholders consultations committee to advice the Liquidators on the matters relating to sale under Regulation 32 - The Appellant has no vested right and has no sale certificate issued to him in terms of the e-auction. There appears has to be some technical glitches but the same is not support by the certificate of the administrator of the E-auction service provider of the agency involved. This is a case where the ‘Liquidator’ has gone for e-auction based on the advice of the stakeholders consultation committee and this action is yet to be approved or disapproved by the Adjudicating Authority. This case is not right for review by the Appellate Tribunal as no order has been passed by the Adjudicating Authority. The Appellant has appealed under Section 61 of the Code where the appeal can be filed only against the order of the Adjudicating Authority vide 61(1) of the Code. The Appellant has come in this appeal against the decision taken by the stakeholders consultation committee and Liquidator going ahead with the e-auction. The Adjudicating Authority is to appropriately consider the observations while disposing of the petition. The Appellant is to approach first to the Adjudicating Authority for redressal of their grievance for any irregularity and only thereafter can approach before this Appellate Tribunal under Section 61(1) of the Code - there are no merits in the appeal - appeal dismissed.
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