2024 (2) TMI 1260

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....T) (Insolvency) No. 431 of 2024 & I.A. No. 1641, 4163 of 2024 - -<br>Insolvency & Bankruptcy<br>[ Justice Ashok Bhushan ] Chairperson , [ Barun Mitra ] Member ( Technical ) And [ Arun Baroka ] Member ( Technical ) For the Appellant : Mr. Dhruv Gupta, Advocate with Mr. Vaibhav Mahajan , Advocate ORDER ( Hybrid Mode ) Heard Learned Counsel for the Appellant. 2. This Appeal has been fi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Corporate Debtor&#39;s Assets via E- Auction, as well as the Sale process itself, shall strictly adhere to the provisions of the law; d) That this Hon&#39;ble Tribunal be pleased to issue a directive to prohibit the Respondent from advancing with the E-Auction subsequent to the issuance of the Notice dated 07.07.2023 for the Sale of Corporate Debtor&#39;s Assets; e) That this Hon&#39;ble....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....its that Appellant has asked for seven days period for inspection but was given only one hour time for inspection and non-refundable EMD was demanded. 4. The Adjudicating Authority by the Impugned Order has rejected the Application holding that in third round of e-auction conducted by the Respondent property lot-III as is specified in e-auction notice dated 07th July, 2023 also stands sold. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....annot be entertained. 9. In so far as the submission of the Appellant that in the process document only 10 days time is allowed for making payment whereas regulation provides for 90 days, it is well settled that in event of conflict between a clause in the process document and the regulations, it is the regulation which will override. The question of payment arises only when auction is confirme....