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SC upheld NCLAT's dismissal of the purchaser's appeals concerning sale of the corporate debtor's Raichur assets. It held that, after failure of the auction process and a subsequent decision for scrap sale, the transaction with the purchaser was a private sale requiring NCLT approval and did not fall under Regulation 33(2)(c) of the Liquidation Regulations. The forfeiture of Rs.37.80 crores was sustained as a consequence of non-compliance with the extended payment timelines imposed by NCLT, which the purchaser had accepted and partially acted upon. SC also found abuse of process in the purchaser's parallel writ before HC, further disentitling it to any equitable relief.
SC upheld NCLAT's dismissal of the purchaser's appeals concerning sale of the corporate debtor's Raichur assets. It held that, after failure of the auction process and a subsequent decision for scrap sale, the transaction with the purchaser was a private sale requiring NCLT approval and did not fall under Regulation 33(2)(c) of the Liquidation Regulations. The forfeiture of Rs.37.80 crores was sustained as a consequence of non-compliance with the extended payment timelines imposed by NCLT, which the purchaser had accepted and partially acted upon. SC also found abuse of process in the purchaser's parallel writ before HC, further disentitling it to any equitable relief.
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