https://www.taxtmi.com/caselaws?id=406091 Once CIRP commenced and moratorium under the Insolvency and Bankruptcy Code operated, an incomplete auction sale of the corporate debtor's assets could not be perfected by receiving the balance consideration after the insolvency commencement date. Mere receipt of part of the bid amount did not complete the sale, and the assets remained within the insolvency estate when moratorium began, making continuation of the transaction impermissible. The Code also prevailed over inconsistent recovery action under the SARFAESI Act because Section 238 gives it overriding effect, so conflicting enforcement steps could not continue during CIRP. The challenge was therefore maintainable and the appeal failed. en-us Tue, 23 Mar 2021 00:00:00 +0530 Mon, 28 Oct 2024 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406091 Once CIRP commenced and moratorium under the Insolvency and Bankruptcy Code operated, an incomplete auction sale of the corporate debtor's assets could not be perfected by receiving the balance consideration after the insolvency commencement date. Mere receipt of part of the bid amount did not complete the sale, and the assets remained within the insolvency estate when moratorium began, making continuation of the transaction impermissible. The Code also prevailed over inconsistent recovery action under the SARFAESI Act because Section 238 gives it overriding effect, so conflicting enforcement steps could not continue during CIRP. The challenge was therefore maintainable and the appeal failed. Case-Laws IBC Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406091