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The NCLAT upheld the validity of the auction sale conducted by the Liquidator, rejecting the challenge to set aside the sale despite the successful bidder's payment beyond the prescribed 90-day period under Regulation 33 of the Liquidation Process Regulations. The Tribunal recognized that the bidder demonstrated bona fide intent and financial capacity to pay within the stipulated time and that extraordinary external circumstances justified the Adjudicating Authority's exercise of inherent powers to extend the deadline with interest. The Liquidator's conduct in filing a conversion application was found proper and not in violation of the IBC framework. The successful bidder complied with the extended timeline, paying the balance consideration with interest, and the sale certificate was duly issued. The auction proceeds were distributed without prejudice to stakeholders. Consequently, the appeal was dismissed for lack of merit, affirming the auction's finality and the Adjudicating Authority's order.
The NCLAT upheld the validity of the auction sale conducted by the Liquidator, rejecting the challenge to set aside the sale despite the successful bidder's payment beyond the prescribed 90-day period under Regulation 33 of the Liquidation Process Regulations. The Tribunal recognized that the bidder demonstrated bona fide intent and financial capacity to pay within the stipulated time and that extraordinary external circumstances justified the Adjudicating Authority's exercise of inherent powers to extend the deadline with interest. The Liquidator's conduct in filing a conversion application was found proper and not in violation of the IBC framework. The successful bidder complied with the extended timeline, paying the balance consideration with interest, and the sale certificate was duly issued. The auction proceeds were distributed without prejudice to stakeholders. Consequently, the appeal was dismissed for lack of merit, affirming the auction's finality and the Adjudicating Authority's order.
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