The appeal challenges an order by the Adjudicating Authority setting aside a public auction sale of a personal guarantor's property due to undervaluation and procedural irregularities.
The bankruptcy process of Mr. Anil Syal commenced under Sections 121 and 122 of the IBC.
A public auction notice was published on 02.06.2023 for the sale of 50% rights of the bankrupt's property.
Akshat Gupta submitted a Letter of Intent and Bid Declaration Form on 12.06.2023.
The e-auction was conducted on 27.06.2023, and Akshat Gupta was declared the successful bidder.
Akshat Gupta deposited the balance sale consideration, totaling Rs. 91,72,161.
Union Bank of India filed an IA alleging that the property was sold at an undervalued price.
The Adjudicating Authority set aside the auction sale via an order dated 04.07.2024.
The auction notice was published with 25 days' time instead of 30 days.
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A public auction notice…
The e-aucti…
The appeal challenges an order by the Adjudicating Authority setting aside a public auction sale of a personal guarantor's property due to undervaluation and procedural irregularities.
The bankruptcy process of Mr. Anil Syal commenced under Sections 121 and 122 of the IBC.
A public auction notice was published on 02.06.2023 for the sale of 50% rights of the bankrupt's property.
Akshat Gupta submitted a Letter of Intent and Bid Declaration Form on 12.06.2023.
The e-auction was conducted on 27.06.2023, and Akshat Gupta was declared the successful bidder.
Akshat Gupta deposited the balance sale consideration, totaling Rs. 91,72,161.
Union Bank of India filed an IA alleging that the property was sold at an undervalued price.
The Adjudicating Authority set aside the auction sale via an order dated 04.07.2024.
The auction notice was published with 25 days' time instead of 30 days.
A public auction notice…
The e-aucti…