A review petition under Section 114 CPC must show an error apparent on record; the court affirmed the original order without finding grounds for alteration or fraud.

ORDER :

K.S.MUDAGAL, C.M. POONACHA, JJ.

1. The present review petition is filed by Review Petitioner-Insolvency and Bankruptcy Board of India, hereinafter referred to as 'IBBI' under Section 114 read with Order XLVII Rule 1 of the Code of Civil Procedure, 1908, hereinafter referred to as 'CPC' seeking to review the order dated 15.06.2023 passed in WP No.12140/2023 (GM-RES) wherein, a Co-ordinate Bench of this Court disposed of the writ petition filed by respondent No.2 [writ petitioner] - M/s NDR Unique Space Pvt Ltd.,, hereinafter referred to as 'NDR' and directed respondent No.1 - liquidator [respondent in the writ petition] to receive the balance sale consideration in terms of the auction dated 20.03.2023 from NDR. IBBI was not a party to the writ petition.

2. The admitted fact situation can be stated to be as under :

i. The Corporate Insolvency Resolution Process, hereinafter referred to as 'CIRP' with respect to Base Corporation Ltd.,, hereinafter referred to as 'BCL' was admitted by the National Company Law Tribunal, hereinafter referred to as 'NCLT' vide order dated 2.8.2019. Pursuant to the CIRP proceedings initiated against BCL an Interim Resolution Professional, hereinafter referred to as 'IRP', was appointed and subsequently confirmed to be the Resolution Professional, hereinafter referred to as 'RP'

ii. An e-auction notice dated 9.9.2021 was issued under the provisions of the Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002, hereinafter referred to as SARFAESI Act auctioning the immovable properties belonging to one of the promoters of BCL located at Hosur, comprising a factory building and machinery was issued by a creditor of the promoter. The said property was situated abutting the property of BCL;

iii. BCL, represented by its RP filed IA No.373/2021 before the NCLT seeking to cancel the e-auction notice dated 09.09.2021 contending, inter alia, that if the said land was sold without the property of BCL being brought to sale, the same would depreciate the value of the property of BCL;

iv. The auction sale, pursuant to the sale notice dated 9.9.2021 was concluded on 19.10.2021 and a sale certificate dated 16.2.2022 was issued for a total sale consideration of Rs.10,29,00,000/-;

v. Since the resolution plan was not accepted by the Committee of Creditors, hereinafter referred to as 'COC', an application came to be filed for liquidation of BCL, consequent to which the adjudicating authority/NCLT ordered for liquidation of BCL vide its order dated 26.4.2022 and appointed respondent No.1 as the liquidator of BCL. Respondent No.1 conducted the first Stakeholders Consultation Committee, hereinafter referred to as 'SCC' meeting on 14.09.2022;

vi. Respondent No.1 - liquidator issued an e-auction notice dated 08.11.2022 for sale of the assets of BCL including the plant and machinery at Hosur. However, since certain members of the SCC raised objections regarding the valuation, consequent to which respondent No.1 issued a corrigendum dated 16.11.2022 withdrawing the e-auction sale notice dated 08.11.2022;

vii. Vide order dated 5.1.2023, IA.No.373/2021 was dismissed by the NCLT. Appeal No.73/2023 was filed by respondent No.1 - liquidator before the National Company Law Appellate Tribunal, hereinafter referred to as 'NCLAT' on 17.2.2023 challenging the said order dated 5.1.2023;

viii. Respondent No.1 - liquidator issued a fresh e-auction notice dated 13.2.2023 for sale of the plant and machinery and building of the Hosur unit of BCL as a going concern, fixing the date of auction as 20.03.2023;

ix. On 20.3.2023 the auction was held in terms of the auction notice dated 13.2.2023, wherein NDR was the highest bidder and 25% of the bid amount of Rs.16,53,50,000/- was deposited by NDR;

x. On 05.04.2023 respondent No.1 - liquidator filed an application (IA No.218/2023) before the NCLT seeking confirmation of sale in favour of NDR;

xi. Since the IBBI received a complaint alleging discrepancies in t