Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (5) TMI 919 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCHSeeking to stay the further proceedings and to declare the 3rd E-auction process initiated under invitation for expression of interest to submit bid in respect of sale of IVRCL Ltd. under liquidation as going concern - relation of the Auction purchaser herein with that of the Corporate Debtor - auction purchaser is a related party or not - 2nd Respondent herein accepting the bid of Sri Ponguleti Prasad Reddy, Promoter of M/s. Raghava Water and Raghava Constructions and directing him to deposit the balance of bid amount is arbitrary, illegal, and violative of Section 29(A) of Insolvency and Bankruptcy Code, 2016 or not - seeking to direct the 2nd Respondent to issue a fresh e-auction process taking all steps germane for the purpose of perfect competition in the bidding process - HELD THAT:- It is seen that Sri Ponguleti Prasad Reddy does not fall within ambit of ineligibility as per the provisions of the Section 29A of the IB Code, 2016. Here, the Applicant herein has moved the instant Application upon having failed to submit the requisite documents and EMD within the stipulated time and now by virtue of this Application is trying to make a back door entry by making frivolous allegations and also with an intention to stall the process of Liquidation - In a nutshell, it is clear that the successful bidders are individuals and the next point is that they are not covered under Section 29A of the Code. Application dismissed.
|