https://www.taxtmi.com/highlights?id=76437 CIR - Order of Liquidation - Concern regarding auction at a price significantly lower than their fair value - The NCLAT found that the appellant's challenges were not maintainable, noting that there is no provision in the Insolvency and Bankruptcy Code (IBC) that allows a shareholder to sell assets after the initiation of liquidation proceedings. - The Appellate Tribunal clarified that reductions in the reserve price followed the guidelines set forth in the regulations, and the decision to sell the corporate debtor's assets through a slump sale after several unsuccessful auctions was a reasonable approach to maximize value. - The Tribunal criticized the appellant for their non-cooperation during the Corporate Insolvency Resolution Process (CIRP) and the liquidation process. It highlighted that such behavior contributed to the challenges faced in asset realization. en-us Mon, 08 Apr 2024 08:52:13 +0530 Mon, 08 Apr 2024 08:52:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76437 CIR - Order of Liquidation - Concern regarding auction at a price significantly lower than their fair value - The NCLAT found that the appellant's challenges were not maintainable, noting that there is no provision in the Insolvency and Bankruptcy Code (IBC) that allows a shareholder to sell assets after the initiation of liquidation proceedings. - The Appellate Tribunal clarified that reductions in the reserve price followed the guidelines set forth in the regulations, and the decision to sell the corporate debtor's assets through a slump sale after several unsuccessful auctions was a reasonable approach to maximize value. - The Tribunal criticized the appellant for their non-cooperation during the Corporate Insolvency Resolution Process (CIRP) and the liquidation process. It highlighted that such behavior contributed to the challenges faced in asset realization. Highlights Insolvency and Bankruptcy Mon, 08 Apr 2024 08:52:13 +0530 https://www.taxtmi.com/highlights?id=76437