TMI Blog2021 (8) TMI 988X X X X Extracts X X X X X X X X Extracts X X X X ..... present auction would have resulted in a better price for the assets in question. There cannot be an endless wait to get the best price for the asset, especially when there is no material to support a conjecture that there may be a better price for the asset. Application disposed off. - I.A. (IB) No. 663/KB/2021 in CP (IB) 440/KB/2018 - - - Dated:- 12-8-2021 - Rajasekhar V.K., Member (J) And Harish Chander Suri, Member (T) For the Appellant : Manju Bhuteria, Sarbopriya Mukherjee and Sonia Sharma, Advocates For the Respondents : Krishnaraj Thaker and Sreenita Ghoshdastidar, Advocates ORDER Rajasekhar V.K., Member (J) 1. This I.A. has been filed by EVA Agro Feeds Private Limited, a company within the meaning of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he sale notice the last date/time of bid was 20th July, 2021 at 14.30 hrs. The applicant submitted its bid on 19th July, 2021 for a sum of ₹ 10 crore. The bidding ended at 14.30 hrs on 20th July, 2021. The applicant received an e-auction certificate certifying that the applicant has won the auction for the assets mentioned in sl. No. 3 of the said sale notice. On 21st July, 2021 the applicant by an email dated 21st July, 2021 requested the respondent to issue allotment letter in respect of the assets mentioned in Sl. No. 3. Thereafter on 21st July, 2021 the applicant was shocked to receive an email dated 21st July, 2021 from the respondent informing that the Liquidator/respondent has cancelled the e-auction held on 20th July, 2021 und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel appearing for the respondent/Liquidator. 8. The only issue which is coming up for consideration is whether the Liquidator was justified in cancelling the e-auction after the auction was successfully concluded and the highest bidder stood identified. 9. It is undisputed that the e-auction process is in terms of regulation 33(1) which refers to schedule 1 of the Insolvency and Bankruptcy Code, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. In terms of the said schedule 1, clause (1) sub para 12, on the close of the auction the highest bidder shall be invited to provide balance sale consideration within 90 days of the date of such demand. This clause in its present form has been on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reason for the Liquidator to cancel the e-auction under consideration in the present matter especially when we see that the two earlier rounds of the auction process did not fructify and the reserve price had to be decreased on each auction. There is no material on record to sustain the perception of the Liquidator that cancelling the present auction would have resulted in a better price for the assets in question. There cannot be an endless wait to get the best price for the asset, especially when there is no material to support a conjecture that there may be a better price for the asset. 12. It was argued by the Ld. Counsel appearing for the Liquidator that the Liquidator was entitled to cancel the contract without assigning any reason ..... X X X X Extracts X X X X X X X X Extracts X X X X
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