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The NCLAT affirmed the AA's liquidation order and dismissed the appeal, holding that the Secured Creditor's interlocutory application for condonation of delay under Regulation 21A was rightly dismissed. The AA had relied on the CoC resolution contemporaneous with the liquidation order, and no timely communication was received from the Secured Creditor declining relinquishment of security; its first communication arrived belatedly. The Secured Creditor failed to prosecute or seek recall of the dismissal, and the Liquidator thereafter sold the secured assets and issued a sale certificate in favour of the purchaser. The Tribunal found no infirmity warranting interference and denied relief to the Appellant.
The NCLAT affirmed the AA's liquidation order and dismissed the appeal, holding that the Secured Creditor's interlocutory application for condonation of delay under Regulation 21A was rightly dismissed. The AA had relied on the CoC resolution contemporaneous with the liquidation order, and no timely communication was received from the Secured Creditor declining relinquishment of security; its first communication arrived belatedly. The Secured Creditor failed to prosecute or seek recall of the dismissal, and the Liquidator thereafter sold the secured assets and issued a sale certificate in favour of the purchaser. The Tribunal found no infirmity warranting interference and denied relief to the Appellant.
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