Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
The NCLAT held that a bidder excluded from an e-auction due to an alleged technical glitch had shown bona fide participation: the record showed registration, document upload, EMD deposit, repeated logins and prompt complaints about the unavailable pre-qualification link, while the liquidator's communications did not clearly identify that separate step or its deadline. The Tribunal found that abandonment, lack of seriousness and false plea of technical difficulty could not be inferred without technical verification from the auction platform, and the benefit of doubt had to go to the bidder. It further held that concluded auctions may be reopened where exclusion and inadequate pricing affect value maximization, and directed a fresh e-auction open to all eligible bidders.
The NCLAT held that a bidder excluded from an e-auction due to an alleged technical glitch had shown bona fide participation: the record showed registration, document upload, EMD deposit, repeated logins and prompt complaints about the unavailable pre-qualification link, while the liquidator's communications did not clearly identify that separate step or its deadline. The Tribunal found that abandonment, lack of seriousness and false plea of technical difficulty could not be inferred without technical verification from the auction platform, and the benefit of doubt had to go to the bidder. It further held that concluded auctions may be reopened where exclusion and inadequate pricing affect value maximization, and directed a fresh e-auction open to all eligible bidders.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
