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        Case ID :
        Insolvency and Bankruptcy

        Approval of the Sale as a ‘Going Concern’ - If the Bidder is all...

        Bidder's Conditional Offer Rejected; Sale of Company as 'Going Concern' Upheld to Protect Insolvency and Bankruptcy Code Objectives.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Approval of the Sale as a ‘Going Concern’ - If the Bidder is allowed to withdraw from the Bid at this stage and seek refund on the ground that their conditional offer has not been accepted, then the liquidation process would be a never ending one, defeating the scope and objective of the Code - The acceptance was conveyed to the Bidder on 25.09.2019. Clearly noting the terms and conditions that the Company was being sold as a ‘Going Concern in an as is very basis’, the Bidder cannot now be permitted to turn around and plead that their offer was conditional. - AT
                                Note: It is a system-generated summary and is for quick reference only.
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