2025 (12) TMI 1255

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....IV) in I.A. No. 1832 of 2024. 3. The appellant is a successful auction purchaser of the asset of the CD in liquidation which commenced on 21.03.2023. After sale of the only asset of the CD, the appellant filed an application praying for certain relief and concessions. The prayers (a) to (q) are at page 138 - 142 of the appeal. 4. The submission of the learned counsel for the appellant is that when the application came for the consideration, the Adjudicating Authority observes that prayers made in the application are too wide and general. The appellant counsel at that time had no instructions to withdraw, hence he sought for time and the order was reserved. 5. Subsequently, the counsel filed a praecipe on 26.04.2024 paying for withd....

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.... List on 12.09.2024." 7. On the next date this Tribunal asked for a report from the NCLT, report has been received by the NCLAT stating that no praecipe was received in the NCLT and no receipt was issued. 8. The appellant has filed an objection to the report along with which an affidavit of Mr. Amish Shailesh Gandhi, the advocate who appeared has been filed. The counsel has filed his affidavit, where counsel who appeared has made following statement in paragraphs 3, 4 & 5: "3. I say that thereafter I received instructions from the client to withdraw the subject matter. Due to shortage of time and taking into consideration that the subject matter was reserved for Orders, I had mentioned the matter on 26th April 2024 as a....

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....Authority however, proceeded to dismiss the application on merits. The reasons for rejection have been given in paragraphs 6 and 7 of the impugned order, which are as follows: "6. The Liquidator conducted thee-auction of the said property was sold as a going concern on "As is where is basis", "As is what is basis" and "Whatever there is basis" and "No recourse basis". 7. Heard both Counsel. The bench observes that the auction was conducted as a going concern as on "As is where is basis", "As is what is basis" and "Whatever there is basis" and "No recourse basis" conditions and the prospective bidders vide e-auction sale notification were advised to make their own independent enquiries and to do due diligence. The sale cert....