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2021 (8) TMI 613 - AT - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 61 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- Liquidation process is governed by Chapter III Part - II of the Code. The Regulation governing Liquidation process providing elaborate provisions on “Realizations of Assets” vide Chapter – VI of IBBI (Liquidation Process) Regulations, 2016. The Appellant is forcing the Liquidator to sale the property to them only which is not permissible under the provisions of the Code and Regulations. It is undisputed fact that Appellant has no locus standi and accordingly he cannot seek the sale of the property to the Appellant only. The Appellant is reagitating the same matter in different rounds before the Adjudicating Authority. The Code provides for time bound resolution and if such frivolous actions are allowed, it will be never ending process to complete the liquidation. The Appeal is not maintainable and deserves to be dismissed and is accordingly dismissed.
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