JUDGMENT :

UJJAL BHUYAN, J.

1. Application (I.A. No. 14220 of 2022) for intervention is allowed.

2. This appeal has been preferred under Section 62 of The Insolvency and Bankruptcy Code , 2016 (hereinafter referred to as the ‘Code’) against the order dated 30.11.2021 passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (briefly ‘the Appellate Tribunal’ hereinafter) allowing the appeal of Punjab National Bank i.e. Respondent No. 1 being Company Appeal (AT) (Insolvency) No. 757 of 2021. The aforesaid appeal was filed by the Punjab National Bank against the order dated 12.08.2021 passed by the National Company Law Tribunal, Kolkata Digitally signed by Bench, Kolkata (briefly the ‘Tribunal’ hereinafter) in I.A. (IB) No. 663/KB/2021 in CP (IB) 440/KB/2018.

3. At the outset, it would be necessary to advert to the relevant facts:

(i) One Huvepharma Sea (Pune) Private Limited filed an application under Section 9 of the Code against M/s. Amrit Feeds Limited i.e. corporate debtor before the Tribunal. The same was registered as CP(IB) No. 440/KB/2018. The Tribunal passed an order dated 22.10.2019 admitting the application filed under Section 9 of the Code as a result of which corporate insolvency resolution process of the corporate debtor commenced.

(ii) On 19.02.2021, the Tribunal passed an order for liquidation of the corporate debtor. Respondent No. 2 was appointed as the Liquidator to oversee the corporate insolvency resolution process.

(iii) Respondent No. 2 by an e-mail dated 07.06.2021 forwarded a sale notice dated 02.06.2021 for sale of the assets of the corporate debtor. 23.06.2021 was the date fixed by Respondent No. 2 for auction sale of the assets of the corporate debtor. It appears that the aforesaid auction sale did not materialize. Thereafter by way of an e-mail dated 29.06.2021, Respondent No. 2 forwarded a similar notice dated 28.06.2021 for auction sale of the assets of the corporate debtor scheduled on 20.07.2021.

(iv) It is stated that the appellant i.e. Eva Agro Feeds Private Limited was incorporated on 09.07.2021 under the provisions of the Companies Act, 2013.

(v) Appellant submitted its bid dated 16.07.2021 to Respondent No. 2 on 17.07.2021 in respect of the assets of the corporate debtor (in liquidation). The assets put up for auction were lands admeasuring 1,05,250.40 sq. ft. at Plot No. 56, Khata Nos. 27, 26, 29, 36, 36 (Old) and 362/363 (New), Mouza - Deoria, Pargana Bhuli, Tehsil - Chunar, District - Mirzapur, Uttar Pradesh with building, plant and machinery and other fixed assets thereon on a lump sum basis as mentioned at serial No. 3 of the sale notice.

(vi) In terms of the sale notice, appellant paid the earnest money deposit (EMD) of Rs. 1 crore in respect of the subject property. While the last date/time for submission of bid was 20.07.2021 at 14:30 hours, appellant had submitted its bid on 19.07.2021 for a sum of Rs. 10 crores which was equivalent to the reserve price as notified in the bid which ended at 14:30 hours on 20.07.2021.

(vii) On 20.07.2021, appellant received an E-auction certificate from Respondent No. 2 certifying that it had won the auction for the assets of the corporate debtor put up for auction sale (referred to hereinafter as the ‘subject property’). On 21.07.2021, appellant by way of an e-mail requested Respondent No. 2 to issue allotment letter in respect of the subject property. It is stated that on 21.07.2021 itself appellant received an e-mail of the aforesaid date from Respondent No. 2 informing that Respondent No. 2 had cancelled the E-auction held on 20.07.2021 unde