https://www.taxtmi.com/caselaws?id=456077 The Tribunal dismissed the Appeal, affirming the Adjudicating Authority's decision requiring the Appellant, a secured creditor, to return the asset to the liquidator. The Appellant's request for a 6-month extension to realize its security interest was denied due to non-compliance with time-bound regulations under the IBC and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Tribunal found no legal error in the order, emphasizing the Appellant's delay in auctioning the asset and the regulatory mandate for secured creditors to relinquish security interest within specified timeframes, resulting in the asset becoming part of the liquidation estate. en-us Tue, 28 Sep 2021 00:00:00 +0530 Tue, 25 Jun 2024 19:48:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456077 The Tribunal dismissed the Appeal, affirming the Adjudicating Authority's decision requiring the Appellant, a secured creditor, to return the asset to the liquidator. The Appellant's request for a 6-month extension to realize its security interest was denied due to non-compliance with time-bound regulations under the IBC and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Tribunal found no legal error in the order, emphasizing the Appellant's delay in auctioning the asset and the regulatory mandate for secured creditors to relinquish security interest within specified timeframes, resulting in the asset becoming part of the liquidation estate. Case-Laws Insolvency and Bankruptcy Tue, 28 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456077