# In the matter of Akshat Gupta vs. Union Bank of India & Ors.

> NCLAT judgment dated 2026-03-25. Citation: TCN-2026-NCLAT-00057. The appeal challenges an order by the Adjudicating Authority setting aside a public auction…

- **Court:** NCLAT
- **Order date:** 25 Mar 2026
- **Citation:** TCN-2026-NCLAT-00057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/akshat-gupta-vs-union-bank-of-india-ors-bfc9b562

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the 25-day notice period …

**Ratio:** A 30-day notice period is generally required for auctions under SARFAESI principles,

…

**Reasoning:** The shorter notice period did not allow for adequate market exposure or stakeholder

…

**Interpretation:** The Adjudicating Authority was justified in relying on the judgment in Naren

…

**Application:** The 25-day notice period, as applied to the facts of this case, was inadequate

…

## Parties

- **Judges:** Indevar P…; N. Sesha…; +1 more
- **Appellants:** Akshat…
- **Respondents:** Union Bank of…; Ajay G…
- **Other parties:** ICICI…
- **Advocates:** Sameer Ro…; Brijesh Kumar…; +8 more

## Timeline

- **02.06.2023 — Publication of Auction…**: A public auction notice was published…
- **27.06.2023 — E-Auction Co…**: The e-auction was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 153 — Approval of creditors for certain acts](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-153)

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