https://www.taxtmi.com/caselaws?id=402749 The Tribunal held that in a going concern sale, the successful bidder must take over all assets and liabilities of the corporate debtor. Unilateral terms imposed by a bidder inconsistent with the bidding document were deemed invalid. The bidder was not entitled to withdraw from the bid or claim a refund of the Earnest Money Deposit (EMD) as their conditional offer was rejected, and force majeure did not apply. The liquidator was directed to issue a fresh invitation for the balance sale consideration, execute the transfer of assets upon full payment, and proceed with cancellation and forfeiture of EMD if the balance was not paid. en-us Fri, 07 Aug 2020 00:00:00 +0530 Mon, 11 Jan 2021 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402749 The Tribunal held that in a going concern sale, the successful bidder must take over all assets and liabilities of the corporate debtor. Unilateral terms imposed by a bidder inconsistent with the bidding document were deemed invalid. The bidder was not entitled to withdraw from the bid or claim a refund of the Earnest Money Deposit (EMD) as their conditional offer was rejected, and force majeure did not apply. The liquidator was directed to issue a fresh invitation for the balance sale consideration, execute the transfer of assets upon full payment, and proceed with cancellation and forfeiture of EMD if the balance was not paid. Case-Laws Insolvency and Bankruptcy Fri, 07 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402749