This 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.
Falcon Consultancy Pvt. Ltd. (In Liquidation) is the corporate debtor. Bindu Enterprises Pvt. Ltd., the applicant, was an unsuccessful bidder in an auction conducted by the liquidator, Sonu Jain, for the sale of the corporate debtor's assets. The auction pertained to Lot No.3 mentioned in the tender document dated 25.03.2021. The last date for EMD submission was initially 28.03.2021, a Sunday, with 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. The applicant alleged that the liquidator favored the successful bidder by extending the EMD submission deadline and accepting the EMD on 30.03.2021, in violation of the tender document. The successful bidder provided bank
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The Liquidator effected publication for sale…
The liquidator issued the tender document…
This 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.
Falcon Consultancy Pvt. Ltd. (In Liquidation) is the corporate debtor. Bindu Enterprises Pvt. Ltd., the applicant, was an unsuccessful bidder in an auction conducted by the liquidator, Sonu Jain, for the sale of the corporate debtor's assets. The auction pertained to Lot No.3 mentioned in the tender document dated 25.03.2021. The last date for EMD submission was initially 28.03.2021, a Sunday, with 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. The applicant alleged that the liquidator favored the successful bidder by extending the EMD submission deadline and accepting the EMD on 30.03.2021, in violation of the tender document. The successful bidder provided bank
…The Liquidator effected publication for sale…
The liquidator issued the tender document…