# In the matter of Ayan Mallick Vs. Pratim Bayal, Liquidator & Ors. Company Appeal (AT) (Insolvency) No. 456 of 2022

> NCLAT judgment dated 2022-05-13. Citation: TCN-2022-NCLAT-00483. The appeal was filed against the order dated 01.02.2022 by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 13 May 2022
- **Citation:** TCN-2022-NCLAT-00483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ayan-mallick-vs-pratim-bayal-liquidator-ors-company-appeal-b68c710b

## Summary

### Background

The appeal was filed against the order dated 01.02.2022 by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which dismissed I.A. No. 32/KB/2022 filed by the Applicant/Appellant. The appellant, a suspended director of the Corporate Debtor, sought a stay on the e-auction sale notice dated 16.12.2021 for the sale of the Corporate Debtor's assets under liquidation and the guarantor's assets under the SARFAESI Act.

## Facts

The appellant, Ayan Mallick, a suspended director of the Corporate Debtor, filed an appeal against the order of the Adjudicating Authority (NCLT), Kolkata Bench, which dismissed I.A. No. 32/KB/2022. The I.A. sought a stay on the e-auction sale notice dated 16.12.2021 for the sale of the Corporate Debtor's assets under liquidation and the guarantor's assets under the SARFAESI Act. The e-auction notice was for the sale of factory and land, with a joint reserved price of Rs. 16.15 crores. The appellant argued that selling the guarantor's assets would infringe upon their rights under the SARFAESI Act, 2002. The Adjudicating Authority rejected the application, stating that a joint sale would maximize the value of the assets. The possession of the properties of the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in dismissing the I.A. seeking a stay on the …

**Ratio:** The Adjudicating Authority has the power to decide on applications related to the

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**Reasoning:** The NCLAT found no error in the Adjudicating Authority's order rejecting the I.A. The

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**Interpretation:** The Adjudicating Authority's decision is based on its assessment of the facts

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**Application:** In this case, the Adjudicating Authority determined that a joint sale would

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## Parties

- **Judges:** Ashok Bh…; Shreesha…
- **Appellants:** Ayan Ma…
- **Respondents:** PratimB…
- **Advocates:** Sanwal Tri…; Shaunak…; +5 more

## Timeline

- **2021-12-16 — E-auction Sal…**: E-auction sale notice issued for the sale of the assets of the Corporate Debtor under…
- **2022-02-01 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata,…

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