https://www.taxtmi.com/caselaws?id=430857 In a liquidation e-auction, the successful bidder could not extension of time for payment of the balance sale consideration as a matter of right where the bid documents and letter of intent fixed a clear payment schedule. The tribunal emphasised that insolvency timelines are intended to preserve asset value and ensure expedition, so the stipulated outer limit for payment had to be followed. The bidder's prior default and the rejection of the extension request by the stakeholders' consultation committee reinforced that the bid terms could not be varied unilaterally. The refusal to grant additional time was therefore upheld. en-us Mon, 28 Nov 2022 00:00:00 +0530 Wed, 30 Nov 2022 07:28:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430857 In a liquidation e-auction, the successful bidder could not extension of time for payment of the balance sale consideration as a matter of right where the bid documents and letter of intent fixed a clear payment schedule. The tribunal emphasised that insolvency timelines are intended to preserve asset value and ensure expedition, so the stipulated outer limit for payment had to be followed. The bidder's prior default and the rejection of the extension request by the stakeholders' consultation committee reinforced that the bid terms could not be varied unilaterally. The refusal to grant additional time was therefore upheld. Case-Laws Insolvency and Bankruptcy Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430857