Tribunal dismisses application, reserves order in separate matter, grants extension to liquidator.

The Tribunal dismissed the application seeking various reliefs related to the auction process and liquidation proceedings as infructuous, noting that the IBBI was not a necessary party and auction proceedings had been stayed with EMDs refunded. In a separate matter, the Tribunal reserved its order on an application where the applicant intended to pursue only one prayer, directing parties to submit synopses and imposing deadlines for replies, emphasizing no further adjournments would be granted. The liquidator was granted an extension to file a reply, with the case listed for further hearing in September 2021.

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Issues:
1. Application for various reliefs related to the auction process and liquidation proceedings.

Analysis:
The applicant filed an application seeking multiple reliefs, including expeditious disposal of the application, quashing of the corrigendum related to the auction process, removal of the liquidator, and directions for conducting the auction process in compliance with regulations. The Tribunal heard the arguments of the applicant and the liquidator. During the hearing, it was noted that the IBBI was not a necessary party in the proceedings, and therefore, the directions sought against it were not granted. Additionally, it was highlighted that the auction proceedings had been stayed in a previous order, and all Earnest Money Deposits (EMDs) received had been refunded. Consequently, the Tribunal deemed the remaining prayers of the applicant as infructuous and dismissed the application on the grounds of it being infructuous.

In a separate matter, another application was considered where the applicant expressed the intention to only pursue one prayer out of the three initially made. The Tribunal reserved its order after hearing the arguments and directed both parties to submit written synopses within a specified timeframe. Additionally, directions were given for the respondent to file a reply within a week for another application, emphasizing that no further adjournments would be granted on any grounds. The liquidator was also granted an extension of one week to file a reply in a related matter, with the case listed for further hearing on a specified date in September 2021.

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