https://www.taxtmi.com/caselaws?id=422666 In a statutory SARFAESI sale, transfer is completed only on full receipt of the sale consideration and issuance of the sale certificate; mere confirmation of sale or part payment does not complete the transfer. Because the balance amount was accepted only after commencement of the corporate insolvency resolution process, the sale did not predate the moratorium and could not survive it. The Code's moratorium also barred continuation of recovery and enforcement proceedings once insolvency commenced, with section 238 giving the Code overriding effect over inconsistent laws. Allegations that the insolvency petition was mala fide were rejected on the facts, and the orders setting aside the sale were upheld. en-us Wed, 18 May 2022 00:00:00 +0530 Fri, 12 Dec 2025 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422666 In a statutory SARFAESI sale, transfer is completed only on full receipt of the sale consideration and issuance of the sale certificate; mere confirmation of sale or part payment does not complete the transfer. Because the balance amount was accepted only after commencement of the corporate insolvency resolution process, the sale did not predate the moratorium and could not survive it. The Code's moratorium also barred continuation of recovery and enforcement proceedings once insolvency commenced, with section 238 giving the Code overriding effect over inconsistent laws. Allegations that the insolvency petition was mala fide were rejected on the facts, and the orders setting aside the sale were upheld. Case-Laws IBC Wed, 18 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422666