https://www.taxtmi.com/caselaws?id=313049 Liquidation regulations require the liquidator to take custody of the corporate debtor's assets and realise them for distribution. Where a secured creditor does not timely exercise the prescribed statutory election, shares may be treated as part of the liquidation estate despite an asserted pledge or security interest, and the liquidator may sell them. A challenge to the auction on grounds of undervaluation, fraud, or procedural illegality will fail absent cogent material showing collusion, a legal prohibition, or another substantial infirmity. The sale may proceed on an as-is-where-is basis with disclosure of litigation to bidders, and liquidation delay is disfavoured. en-us Fri, 12 Jan 2024 00:00:00 +0530 Wed, 20 Mar 2024 20:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313049 Liquidation regulations require the liquidator to take custody of the corporate debtor's assets and realise them for distribution. Where a secured creditor does not timely exercise the prescribed statutory election, shares may be treated as part of the liquidation estate despite an asserted pledge or security interest, and the liquidator may sell them. A challenge to the auction on grounds of undervaluation, fraud, or procedural illegality will fail absent cogent material showing collusion, a legal prohibition, or another substantial infirmity. The sale may proceed on an as-is-where-is basis with disclosure of litigation to bidders, and liquidation delay is disfavoured. Case-Laws Companies Law Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313049