Facts & Background:

• Eva Agro Feeds Private Limited, incorporated on 09.07.2021 under the Companies Act, 2013 was the Appellant.
• Punjab National Bank was the Respondent No. 1 and Mr. Sunil Mohan Acharya- Liquidator of the Corporate Debtor was the Respondent No.2.
• Huvepharma Sea Pune Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code against M/s Amrit Feeds Limited – Corporate Debtor before the National Company Law Tribunal Kolkata which admitted it on 22.10.2019 and ordered liquidation on 19.02.2021.
• Respondent No.2 issued a sale notice on 02.06.2021 scheduling an auction on 23.06.2021. As the auction did not materialize a subsequent notice dated 28.06.2021 scheduled another auction for the Corporate Debtor’s assets on 20.07.2021.
• The Appellant submitted a bid on 16.07.2021 for the auctioned assets including land buildings plant and machinery in Mirzapur Uttar Pradesh. The Appellant paid an earnest money deposit of ₹1 crore and offered ₹10 crores before the 20.07.2021 deadline.
• On 20.07.2021 Respondent No.2 issued an E-auction certificate confirming the Appellant as the winning bidder. On 21.07.2021 Respondent No.2 informed the Appellant that the auction was canceled under Clause 3(k) and a fresh auction would be conducted.
• The Appellant challenged the cancellation before the NCLT under Section 60 of the IBC. Pursuant to the NCLT’s direction on 12.08.2021 the Appellant deposited the balance amount and received a sale certificate on 15.09.2021.
• Respondent No.1 appealed before the National Company Law Appellate Tribunal, New Delhi under Section 61 of the IBC. On 30.11.2021 the appeal was allowed the NCLT’s order was set aside and the Liquidator was permitted to initiate a fresh auction process.
• Aggrieved by the NCLAT’s order the Appellant filed the present appeal.
• The Supreme Court on 10.01.2022 issued notice and passed an interim order staying the auction scheduled for 17.01.2022.
  

Main Issue:

• Whether the Appellate Tribunal was justified in upholding the Liquidator’s decision to cancel the auction sale without providing any reasons? (Paragraph 21)