https://www.taxtmi.com/caselaws?id=754354 NCLAT Chennai dismissed an appeal by an erstwhile director/shareholder challenging auction sale conducted by liquidator. The appellant questioned the sale certificate after liquidation order attained finality and sale was completed on 05.05.2022. Court held that appellant's failure to approach liquidator during bid invitation stage and waiting until sale completion constituted inaction that precluded reopening auction proceedings. Since liquidation proceedings had attained finality and liquidator had distributed funds to satisfy claims, no merit existed to reopen the auction sale process. en-us Tue, 04 Jun 2024 00:00:00 +0530 Sat, 22 Jun 2024 08:35:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754354 NCLAT Chennai dismissed an appeal by an erstwhile director/shareholder challenging auction sale conducted by liquidator. The appellant questioned the sale certificate after liquidation order attained finality and sale was completed on 05.05.2022. Court held that appellant's failure to approach liquidator during bid invitation stage and waiting until sale completion constituted inaction that precluded reopening auction proceedings. Since liquidation proceedings had attained finality and liquidator had distributed funds to satisfy claims, no merit existed to reopen the auction sale process. Case-Laws Insolvency and Bankruptcy Tue, 04 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754354