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2022 (8) TMI 1115 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIRejection of Auction Bids - pre-bidding qualifications - HELD THAT:- The documentary evidence on record establishes that the Appellant herein contended before the Learned Adjudicating Authority that pre-bidding qualification will not bind the bidders and sought for relief to be granted under the eligibility criteria at Clause 1.15 of the tender document. Having sought for participating in the bidding process, the contention that pre-bid qualification will not bind the bidders is erroneous as such a situation would only negatively affect the efforts of the Liquidator to ‘maximize the value of the asset’ and would moreover delay the proceedings as all and sundry would participate in the bidding process. Secondly, the record evidences that the email was resent on 09.12.2021 and even otherwise on 11.12.2021 at 7:25 PM, the Liquidator confirmed the eligibility of the Appellant in respect of one property based on his turnover and his net worth. Having participated in the bidding process, the conduct of the Appellant in turning around and stating that the eligibility criteria is erroneous, without challenging the said condition in any appropriate forum, is truly misconceived. This Appeal is partly allowed only modifying the amount of cost imposed from Rs.9Lakhs/- to Rs.2Lakhs/- to be paid within one week from the date of this Order.
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