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2022 (6) TMI 107 - AT - Insolvency and BankruptcyAuction - extension of 30 days time for filing auction bid - non-speaking order - HELD THAT:- On examination of the email of the Appellant there is no difficulty to infer that the Appellant was not at all interested to participate but his sole object was to delay the bid. Even though as per auction notice which was held on the date fixed i.e. 20.04.2021 total 16 bidders participated but much belatedly the Appellant started raising dispute and finally he filed IA Petition before the Adjudicating Authority assailing the bid. Of course, the order of the Adjudicating Authority is not elaborate but on perusal of the same it is reflected that despite indulgence given by the Adjudicating Authority for depositing the amount as stated by the Appellant, he never comply with the same and one way or the other he was trying to delay the proceeding and as such the learned Adjudicating Authority was left with no option but to reject the same - The sanction letter which was annexed with the additional affidavit of the Appellant filed before the Adjudicating Authority makes it clear that the Appellant’s application for capital bridge funding was of Rs.300 lakhs whereas sanction of funding was shown as Rs.700 lakhs. Such stand taken by the appellant itself creates serious doubts on the conduct of the appellant. The appellant has initiated the present proceeding only and only with a view to defeat the auction sale - Appeal dismissed.
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