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The NCLAT affirmed that the Haldia property was correctly included in the corporate debtor's liquidation estate due to the appellant secured creditor's failure to comply with Regulation 21A(2). The secured creditor neither requested estimation of required payment nor made payment within 90 days from liquidation commencement date. The Tribunal rejected the appellant's argument that Regulation 21A(2) was inapplicable because the liquidator didn't communicate the estimated amount, noting that when obligations are time-bound, the secured creditor cannot rely on the liquidator's non-communication. The second proviso adequately protects secured creditors by allowing adjustment of any difference between estimated and actual amounts. While Halder Venture Ltd. was declared successful bidder for the Haldia Unit, they were permitted to complete the purchase by depositing the balance amount with interest.
The NCLAT affirmed that the Haldia property was correctly included in the corporate debtor's liquidation estate due to the appellant secured creditor's failure to comply with Regulation 21A(2). The secured creditor neither requested estimation of required payment nor made payment within 90 days from liquidation commencement date. The Tribunal rejected the appellant's argument that Regulation 21A(2) was inapplicable because the liquidator didn't communicate the estimated amount, noting that when obligations are time-bound, the secured creditor cannot rely on the liquidator's non-communication. The second proviso adequately protects secured creditors by allowing adjustment of any difference between estimated and actual amounts. While Halder Venture Ltd. was declared successful bidder for the Haldia Unit, they were permitted to complete the purchase by depositing the balance amount with interest.
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