TMI Blog2021 (9) TMI 1312X X X X Extracts X X X X X X X X Extracts X X X X ..... ated:- 2-9-2021 - JARAT KUMAR JAIN, J. (MEMBER (J)) AND DR. ASHOK KUMAR MISHRA, MEMBER (T) For the Appellant : Krishnendu Dutta, Sr. Adv., Gaurav Mitra, Akshat Singh, Swetab Kumar, Vikrant Shetty, Aakash Kakade, Gurdeep Singh Sachar and Bhanu Gupta, Advocates For the Respondent : Arun Kathapalia, Ramji Srinivasan, Sr. Advs., Anurag Singh, Jay Kansara, Sameer Pandit, Aman Raj Gandhi, Priyam Shah, Anuj Jain, Parthasarthy Base, Diksha Gupta, Jasdeep Singh Dhillon, Salil Thakore, Sundaresh Bhat, Abhishek Sharma, Ashly Cherian, Anjali Sharma, Advocates, Anushree Kapadia, Sandeep Singhi, Gaurav Mathur, Abhishek Shah and Priyanka Rathi ORDER 1. Heard Ld. Sr. Counsel Mr. Krishnendu Dutta for the Appellant on Admission of the Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21, 379 of 2021, 445 of 2021 and 527 of 2021, which is impugned in this Appeal. 3. Ld. Sr. Counsel for the Appellant further submitted that Ld. Adjudicating Authority delivered the impugned order on 16.08.2021, however, it is uploaded on 23.08.2021. In the impugned order, Ld. Adjudicating Authority directed the Liquidator to complete the entire sale process within three weeks from the date of this order. In the light of the order the detailed bid process document was shared on 25.08.2021 and the virtual data room link and password were shared only on 26.08.2021 on the same day when EMD of ₹ 67.50 Crs. was to be submitted. 4. Ld. Sr. Counsel for the Appellant submitted that the process was conducted in such a haste manner that no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered the submissions of Ld. Sr. Counsels for the parties. It is not appropriate to express any opinion at this stage. This is a fit case for admission as well as for stay of the impugned order. Thus, we hereby stay the impugned order and the auction process till next date of hearing. For the ready reference the impugned order is reproduced:- 16.08.2021 IA No. 273 of 2021 is filed by HR Commercial Pvt. Ltd. to direct the Respondent to disclose the entire process of selection of the Anchor Bidder or alternatively to discard the Swiss Challenge Process and adopt the Anchor Bid as reserve price, invite bids accordingly and allow inter se bidding amongst the parties under the aegis of the Liquidator or this Tribunal as this Tribunal may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocess document provide for the same and initiate a new auction for sale of Metals Scrap and Land and Buildings as a whole at Dahej. Since, the Liquidator is going for new auction, and the tender document allows him except to do so, the objections of the Applicant in various IAs, except No. 332 of 2021 and I.A. No. 371 of 2021 will not survive. It is seen from the record that the sale process is delayed for almost three years. Hence, we direct the Liquidator to complete the entire sale process in consultation with stakeholder committee within three weeks from the date of this order. The Liquidator to allow all parties herein to take part in bidding process. We further make it clear that the Liquidator may fix appropriate co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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