The case involves an appeal against an order passed by the Adjudicating Authority concerning the conduct of the Liquidator of RLS Alloys Pvt. Ltd. The appellant, the Official Liquidator, challenges the impugned order dated 02.06.2022, specifically the observations made in para 30(vii) of the judgment, which directed the IBBI to conduct a detailed inspection regarding the Liquidator's conduct. The appellant argues that no opportunity was provided to explain or defend himself before the order was passed. The Adjudicating Authority found anomalies in the e-auction proceedings conducted by the Liquidator, leading to concerns about transparency.
CA Ramasamy Shanmuggam, the Liquidator of RLS Alloys Pvt. Ltd., appealed an order dated 02.06.2022 passed by the Adjudicating Authority. The order was related to IA No.796/2021 in CP /661(IB)/CB/2017. The appeal specifically challenged observations in para 30(vii) of the judgment, which directed the IBBI to conduct a detailed inspection regarding the Liquidator's conduct. The Adjudicating Authority raised concerns about the transparency of e-auction proceedings conducted by the Liquidator, citing several reasons: the Liquidator could have sold the property to the second-highest bidder, no fresh e-auction notice was published, the upset price was set lower than the last valid bid, and the successful bidder was declared at a lower amount than their initial bid. The
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The case involves an appeal against an order passed by the Adjudicating Authority concerning the conduct of the Liquidator of RLS Alloys Pvt. Ltd. The appellant, the Official Liquidator, challenges the impugned order dated 02.06.2022, specifically the observations made in para 30(vii) of the judgment, which directed the IBBI to conduct a detailed inspection regarding the Liquidator's conduct. The appellant argues that no opportunity was provided to explain or defend himself before the order was passed. The Adjudicating Authority found anomalies in the e-auction proceedings conducted by the Liquidator, leading to concerns about transparency.
CA Ramasamy Shanmuggam, the Liquidator of RLS Alloys Pvt. Ltd., appealed an order dated 02.06.2022 passed by the Adjudicating Authority. The order was related to IA No.796/2021 in CP /661(IB)/CB/2017. The appeal specifically challenged observations in para 30(vii) of the judgment, which directed the IBBI to conduct a detailed inspection regarding the Liquidator's conduct. The Adjudicating Authority raised concerns about the transparency of e-auction proceedings conducted by the Liquidator, citing several reasons: the Liquidator could have sold the property to the second-highest bidder, no fresh e-auction notice was published, the upset price was set lower than the last valid bid, and the successful bidder was declared at a lower amount than their initial bid. The
…Date of the order…
Date of one of the…