2021 (9) TMI 580

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....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 Respondents in view of the order dated 09.02.2021 passed b....

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.... 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 taken by Respondent No. 1 as non-est, being over-aged and not possessing Authorisation....

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....nd/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 Applicant as well as the Liquidator and perused the averments made in the application. 3. In the course of hearing, Ld.....

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.... proceedings were stayed. Ld. Counsel for the Liquidator submitted that in the meantime, all the EMD'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 have also become infructuous. 6. Accordingly, the application is Dismissed being infructuous. 7. IA/412(ND)2021- Heard....