2021 (9) TMI 580

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....lvency & Bankruptcy<br>Abni Ranjan Kumar Sinha, Member (J) And L.N. Gupta, Member (T) For Appearing Parties : M.M. Abbasi, Adv., Rahul Kumar and Deepak Vohra ORDER 1. IA/770/2021- By filing this application, the applicant has prayed for the following main reliefs- "I. Expeditiously decide and dispose of the present Application in favour of the Applicant and against the Respondent....

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.... thereafter postponing the relevant dates of Auction, by way of the impugned corrigendum, being violative of procedures/fairness/sanctity attached with Auction Process and further direct IBBI to conduct inquiry into the manner in which Respondent No. 1 acted while attempting to Auction the only asset available with the Corporate Debtor/or; VI. Issue Directions quashing all the actions tak....

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....n from releasing the EMD Amount received after 03.02.2021 till the disposal of the present Application and/or completion of enquiry into the Auction process; X. Issue Directions upon Respondent No. 3 to make stringent rules so that the true spirit behind Regulation 12A of IBBI (Insolvency Professionals) Regulations, 2016, can be achieved, and/or 2. Heard the Ld. Counsel for the Applica....

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....able to be accepted. 4. We further notice that in the IA 412/2021, vide Order dated 15th February 2021 the auction proceedings were stayed. Ld. Counsel for the Liquidator submitted that in the meantime, all the EMD&#39;s received by the Liquidator have already been refunded and nothing remains with the Liquidator. 5. Therefore, in our considered view, the remaining prayers of the Applicant h....