https://www.taxtmi.com/caselaws?id=435418 An appellant who was neither a stakeholder in the liquidation nor a participant in the sale process was found to lack locus standi and substantial interest to seek leave to appeal against approval of sale of the corporate debtor as a going concern. The Tribunal noted that the liquidator's sale application was made under Section 60(5) of the Insolvency and Bankruptcy Code read with Regulation 32A(e), that the appellant had not objected in time, sought impleadment, or participated in the Swiss Challenge process despite notice, and that no bid was made when offers were considered. It also held that an appeal under Section 61 of the Insolvency and Bankruptcy Code is confined to statutory grounds, while reliance on Section 421 of the Companies Act was misplaced. The sale proceeds had already been paid and distributed under Section 53. en-us Fri, 17 Mar 2023 00:00:00 +0530 Mon, 20 Mar 2023 08:33:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435418 An appellant who was neither a stakeholder in the liquidation nor a participant in the sale process was found to lack locus standi and substantial interest to seek leave to appeal against approval of sale of the corporate debtor as a going concern. The Tribunal noted that the liquidator's sale application was made under Section 60(5) of the Insolvency and Bankruptcy Code read with Regulation 32A(e), that the appellant had not objected in time, sought impleadment, or participated in the Swiss Challenge process despite notice, and that no bid was made when offers were considered. It also held that an appeal under Section 61 of the Insolvency and Bankruptcy Code is confined to statutory grounds, while reliance on Section 421 of the Companies Act was misplaced. The sale proceeds had already been paid and distributed under Section 53. Case-Laws Insolvency and Bankruptcy Fri, 17 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435418