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Insolvency and BankruptcyApril 16, 2024Case LawsAT
Interest on deposit - sale consideration amount deposited by the appellant - The Tribunal acknowledged the regulations stipulating that payments made after thirty days attract a 12% interest rate. However, it noted that the Liquidator’s hands were tied due to the NCLT’s restraining order, preventing the issuance of the Sale Certificate until specific approvals were obtained. Citing Supreme Court precedents, the Tribunal discussed the entitlement to interest and the principles of equity and restitution but ultimately noted that these did not apply under the circumstances where the Sale Certificate’s issuance was delayed by judicial intervention rather than administrative oversight.
Interest on deposit - sale consideration amount deposited by the appellant - The Tribunal acknowledged the regulations stipulating that payments made after thirty days attract a 12% interest rate. However, it noted that the Liquidator’s hands were tied due to the NCLT’s restraining order, preventing the issuance of the Sale Certificate until specific approvals were obtained. Citing Supreme Court precedents, the Tribunal discussed the entitlement to interest and the principles of equity and restitution but ultimately noted that these did not apply under the circumstances where the Sale Certificate’s issuance was delayed by judicial intervention rather than administrative oversight.
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