The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, by an unsuccessful bidder challenging the auction proceedings pertaining to Lot No.3 mentioned in the tender document dated 25.03.2021 and seeking to quash the auction proceeding held on 01.04.2021. The liquidator had initiated the sale of immoveable properties of Falcon Consultancy Private Limited, the corporate debtor, and the applicant alleges irregularities in the process, specifically regarding the extension of time for EMD submission to favor the successful bidder.
Falcon Consultancy Pvt. Ltd. is undergoing liquidation. The liquidator initiated an auction for the sale of the company's immoveable properties. Bindu Enterprises Pvt. Ltd., the applicant, was an unsuccessful bidder in the auction. The tender document was dated 25.03.2021. The auction was held on 01.04.2021. The last date for EMD submission was initially 28.03.2021, a Sunday, with the next day, 29.03.2021, being a holiday. The liquidator extended the time for EMD submission until 30.03.2021. M/s Glamour was declared the successful bidder. Bindu Enterprises alleged that the liquidator extended the EMD submission deadline to favor M/s Glamour. Bindu Enterprises relied on the corporate debtor's bank statement to support their claim. M/s Glamour provided their bank
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The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, by an unsuccessful bidder challenging the auction proceedings pertaining to Lot No.3 mentioned in the tender document dated 25.03.2021 and seeking to quash the auction proceeding held on 01.04.2021. The liquidator had initiated the sale of immoveable properties of Falcon Consultancy Private Limited, the corporate debtor, and the applicant alleges irregularities in the process, specifically regarding the extension of time for EMD submission to favor the successful bidder.
Falcon Consultancy Pvt. Ltd. is undergoing liquidation. The liquidator initiated an auction for the sale of the company's immoveable properties. Bindu Enterprises Pvt. Ltd., the applicant, was an unsuccessful bidder in the auction. The tender document was dated 25.03.2021. The auction was held on 01.04.2021. The last date for EMD submission was initially 28.03.2021, a Sunday, with the next day, 29.03.2021, being a holiday. The liquidator extended the time for EMD submission until 30.03.2021. M/s Glamour was declared the successful bidder. Bindu Enterprises alleged that the liquidator extended the EMD submission deadline to favor M/s Glamour. Bindu Enterprises relied on the corporate debtor's bank statement to support their claim. M/s Glamour provided their bank
…Liquidator effected publication for sale of…
Liquidator issued the tender document with…