Grow Well Traders Llp vs Tecpro System Limited And Anr

Grow Well Traders LLP ....Appellant Vs.

Tecpro Systems Ltd. & Anr. ...Respondents For Appellant: Mr. Malak Bhatt, Mr. Udbhav Nanda, Advocates. For Respondents:

ORDER

(Through Virtual Mode)

29.07.2022: Heard Learned Counsel for the parties.

2. This Appeal has been filed against the order dated 23.05.2022 passed

by the Adjudicating Authority (National Company Law Tribunal), New Delhi

Bench (Court-II) by which order I.A 2357 of 2021 filed by the Appellant has

been rejected. The Appellant by the I.A has made following prayers:-

"A. Pass an order restraining the Liquidator to continue with the fresh Auction Sale of the concerned property issued on 22.05.2021 and

B. Pass an Order directing the Liquidator to revive the original bid deposited by the Applicant and complete the auction sale in favour of the Applicant expeditiously including by issuing a sale certificate with regard to the property being Factory measuring 26,752 Sq. ft. constructed on land measuring 43,056 Sq. ft. situated at Plot No. E-928 at Riico Industrial Area, Bhiwadi District Alwar, 2

Rajasthan, for which the Applicant was a successful bidder."

3. In the present case, the Appellant was highest bidder in auction held on

18.08.2020. The Liquidator subsequently cancelled the auction and refunded

the EMD in October, 2020 to the Appellant. The entire amount was received

back by the Appellant. There was an interim order by the Hon'ble Supreme

Court in the liquidation proceedings in an Appeal which subsequently was

dismissed on 01.03.2021. The Liquidator thereafter issued a fresh auction sale

notice on 22.05.2021 which was challenged by the Appellant before the

Adjudicating Authority.

4. Learned Counsel for the Appellant submits that by the Application he

wanted to revive his earlier auction and has opposed the issue of fresh notice

for auction. Learned Counsel for the Appellant submits that auction in which

he was the highest bidder ought to be finalized and he be issued sale

certificate. The Adjudicating Authority has rejected the Application.

5. From the materials on record, it is clear that the auction in which

Appellant was the highest bidder was cancelled by the Liquidator and the

entire amount received was refunded in October, 2020. The said action was

never challenged by the Appellant. The Appellant filed IA when the fresh

auction notice was issued only on 22.05.2021. Now, the Appellant cannot

claim revival of auction in which he was the highest bidder which has already

been cancelled. The Appellant at best can also participate in pursuance of the

fresh auction which was initiated by the Liquidator. Learned Counsel submits

that the auction has not yet taken place.

Comp. App. (AT) (Ins.) No. 805 of 2022 3

6. With these observations, the Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Justice M. Satyanarayana Murthy] Member (Judicial)

[Barun Mitra] Member (Technical) Anjali/nn

Comp. App. (AT) (Ins.) No. 805 of 2022