The mistakes in the e-auction publication would certainly amount to material illegality and irregularity that vitiates the entire process of auction – Sunrise Industries Vs. Naren Seth – NCLT Mumbai Bench
Adjudicating Authority held that there was not even 30 days gap from the date of paper publication and the date of e-auction. The e-auction notice published in paper publication as well as in the IBBI portal does not contain the date and time of inspection of the property which is very important in every e-auction publication. The Liquidator has completed the e-auction in utmost haste within one week for the reasons best known to him. The hasty manner and the procedural irregularities committed by the Liquidator in conducting the above auction clearly points out finger towards his conduct and this Bench has taken a very serious note of the same. As rightly contended by the Applicant, issuing of corrigendum after completion of the e-auction serves no purpose and the very object of issuing corrigendum is frustrated by issuing such corrigendum after completion of e-auction and such an e-auction has to be set aside on that score alone.
