Covid Extension Benefit available to Delayed Auction Purchase Deposits under IBC: Supreme Court [Read Judgement]
This ruling allows for flexibility in deposit deadlines when delays are caused by extraordinary circumstances, such as the pandemic
By Manu Sharma - On September 6, 2024 1:09 pm - 2 mins read
The Supreme Court of India held that application of the COVID-19 pandemic extension is available to delayed auction purchase deposits under the Insolvency and Bankruptcy Code ( IBC ). In this case, M/s KMC Specialty Hospitals (India) Limited, the successful auction purchaser of a property, was initially required to deposit the balance sale consideration within…
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