Objections Raised by Applicant of Resolution Process cannot be Entertained at Belated Stage After Sale has already been Confirmed: NCLT [Read Order]
The NCLT observed that the challenge of the applicant was too late as the sale had already been completed and executed. Concluded sale cannot be reopened on the ground that the applicant was offering higher price than the successful bidder. There was a delay and laches on the part of the applicant the benefit of which cannot be given now
The National Company Law Tribunal (NCLT), Mumbai Bench, in a recent case dismissed an application filed under section 60(5) of the Insolvency and Bankruptcy Code (IBC) by a prospective bidder in which e-auction sale of the corporate debtor in liquidation was challenged. The Tribunal observed that the sale was conducted in accordance with Liquidation Regulations,…
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