TaxTMI 
TaxTMI 
2020 (1) TMI 236
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....n 15.04.2019 in CA 551/ND/2019 before the Adjudicating Authority and the Adjudicating Authority dismissed the said application. 2. The brief facts of the case are: 2.1 The liquidation process of the 'Corporate Debtor', viz., M/s SPM Auto Pvt. Ltd. (in liquidation) was initiated under the provision of Insolvency and Bankruptcy Code, 2016 (In short 'IBC') by the Adjudicating Authority. In that process, the Liquidator, vide e-auction information document, dated 15.02.2019, invited bids for auction of assets of M/s SPM Auto Pvt. Ltd. under the provisions of IBC. As per the said auction, 4 (four) assets of the Company under liquidation were to be auctioned. The process of liquidation followed the process of e-auctioni....
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....sful bidder - 16.04.2019 h. Signing the Letter of Intent - 16.04.2019 to 22.04.2019 i. Return of EMD for unsuccessful bidders - 16.04.2019 to 22.04.2019 j. Payment of balance consideration by successful bidder - 22.04.2019 to 21.05.2019 3. The contention of the Appellant is that the Liquidator reduced the Reserve Price of this asset from 7.24 crore to 6.15 crore with sole objective to favour pre-decided buyer. It is further contended that the Liquidator deliberately did not disclose the area of the asset for public advertisement so that the maximum bidders could not participate in the bidding process and the assets could have been sold to a known bidder. The Liquidator deliberately reduced the time period to su....
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....garding mode of sale of assets of the liquidation estate. II. Accordingly, the Liquidator has to perform his duties as per IBC and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. As per Regulation 12(1) of the (Liquidation Process Regulations, 2016), the Liquidator shall make a public announcement in Form-B, Schedule-II within 5 days from his appointment. III. Public announcement shall be published in one English and one regional language newspaper with wide circulation at the location of the Registered Office and Principal Office, if any, of the 'Corporate Debtor' and any other location where in the opinion of the Liquidator, the 'Corporate Debtor' conducts material busine....
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.... procedure as laid down in the Regulations 12 of (Liquidation Process Regulation). Hence we do not find any merit in the allegation. 8. Insofar as the allegations of the Appellant with regard to reducing the time period is concerned, the Liquidator followed the procedures as contemplated in clause 3 of Schedule I of the Regulations, which provides that the Liquidator shall prepare the terms and conditions of sale, Regulation 2 of Schedule I and the Liquidator shall prepare a marketing strategy with the help of marketing Professionals, if required for sale of the Asset. The strategy may include releasing advertisement, preparing of information sheets for the asset, preparing a notice of sale and liaising with Agents. Moreover, in the code....