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The NCLAT dismissed the appeal, upholding the NCLT order and finding the e-auction held on 06.09.2023 to be fair, transparent and in accordance with law. The Tribunal concluded the competing bidder was validly registered with timely EMD, system logs and bank records corroborated the bid sequence, and the Appellant remained continuously logged in yet failed to place a higher valid bid despite an automatic extension feature. Allegations of collusion, manipulation, bribery and unlawful access by the Liquidator were found to be unsubstantiated and contradicted by contemporaneous records; no contemporaneous complaints or independent proof were produced. Consequently, no infirmity in the liquidation process or orders was established and the appeal was dismissed.
The NCLAT dismissed the appeal, upholding the NCLT order and finding the e-auction held on 06.09.2023 to be fair, transparent and in accordance with law. The Tribunal concluded the competing bidder was validly registered with timely EMD, system logs and bank records corroborated the bid sequence, and the Appellant remained continuously logged in yet failed to place a higher valid bid despite an automatic extension feature. Allegations of collusion, manipulation, bribery and unlawful access by the Liquidator were found to be unsubstantiated and contradicted by contemporaneous records; no contemporaneous complaints or independent proof were produced. Consequently, no infirmity in the liquidation process or orders was established and the appeal was dismissed.
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