Amount of Unsuccessful Auction Bidder Forfeited and Added into account of CD, Benefitting Stakeholders of CD Company, amounts to ‘Undue Enrichment’: NCLAT [Read Order]

By Kalyani B. Nair - On November 6, 2023 8:00 pm - 2 mins read
Amount of Unsuccessful Auction Bidder - Auction Bidder - Auction Bidder Forfeited - Added into account of CD - corporate debtor - Benefitting Stakeholders of CD Company - Amounts To Undue Enrichment - NCLAT

The National Company Law Appellate Tribunal (NCLAT) ruled that the amount of unsuccessful auction bidder forfeited and added into account of the corporate debtor (CD), benefitting Stakeholders of CD Company, amounts to ‘undue enrichment’. The Senior Counsel for the Appellants contended that the impugned order dated 10.08.2022 was pronounced in open court by the Adjudicating…

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