Admissibility of inquiry statements: such statements require formal examination and admission before the adjudicating authority, or they are inadmissi...
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A liquidator's later application seeking completion of sale of the corporate debtor as a going concern and wide-ranging reliefs was held not maintainable because an earlier application for similar reliefs had been withdrawn without liberty and had attained finality, attracting constructive res judicata. The Tribunal also held that the successful bidder was bound by the auction terms, which sold the asset on an "as is where is", "as is what is", "whatever there is" and "without recourse" basis. In such a sale, the purchaser bears the burden of due diligence and cannot seek post-sale concessions or shift pre-existing risks through later proceedings, especially while challenges to the auction remain pending. The appeal was dismissed.
A liquidator's later application seeking completion of sale of the corporate debtor as a going concern and wide-ranging reliefs was held not maintainable because an earlier application for similar reliefs had been withdrawn without liberty and had attained finality, attracting constructive res judicata. The Tribunal also held that the successful bidder was bound by the auction terms, which sold the asset on an "as is where is", "as is what is", "whatever there is" and "without recourse" basis. In such a sale, the purchaser bears the burden of due diligence and cannot seek post-sale concessions or shift pre-existing risks through later proceedings, especially while challenges to the auction remain pending. The appeal was dismissed.
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