https://www.taxtmi.com/caselaws?id=443668 The appeal was dismissed by the Tribunal, upholding the Adjudicating Authority's decision that declared the forfeiture of Earnest Money Deposit (EMD) illegal. The Appellant, as the Liquidator, was directed to refund the forfeited EMD amount with interest. The Tribunal found that the Liquidator failed to comply with the amended Clause 12 of Schedule 1 of the IBBI (Liquidation Process) Regulations, 2016, regarding the sale of assets. Additionally, the Tribunal held that the Adjudicating Authority had jurisdiction to declare the board's circular as non-est, emphasizing the need to adhere to the regulatory framework in ongoing liquidation processes. en-us Wed, 27 Sep 2023 00:00:00 +0530 Thu, 28 Sep 2023 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443668 The appeal was dismissed by the Tribunal, upholding the Adjudicating Authority's decision that declared the forfeiture of Earnest Money Deposit (EMD) illegal. The Appellant, as the Liquidator, was directed to refund the forfeited EMD amount with interest. The Tribunal found that the Liquidator failed to comply with the amended Clause 12 of Schedule 1 of the IBBI (Liquidation Process) Regulations, 2016, regarding the sale of assets. Additionally, the Tribunal held that the Adjudicating Authority had jurisdiction to declare the board's circular as non-est, emphasizing the need to adhere to the regulatory framework in ongoing liquidation processes. Case-Laws Insolvency and Bankruptcy Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443668