https://www.taxtmi.com/caselaws?id=758381 SC upheld the validity of the liquidation e-auction and refused to cancel the sale or declare the sale deed void. It held that extension of time to deposit the balance sale consideration, granted by the Adjudicating Authority during the Covid-19 lockdown under s. 35 IBC and Rule 11 NCLT Rules, was lawful despite Rule 12 consequences. Allegations of undervaluation failed, the Liquidator having properly fixed and reduced the reserve price under the IBBI framework, with no higher bidder produced. Non-constitution of a Stakeholders Consultation Committee was held inapplicable to this pre-amendment liquidation. The auction purchaser was bound by "as is where is" terms despite tax attachments. Balancing equities, SC directed the auction purchaser to pay an additional amount; appeal was partly allowed. en-us Wed, 28 Aug 2024 00:00:00 +0530 Fri, 12 Dec 2025 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758381 SC upheld the validity of the liquidation e-auction and refused to cancel the sale or declare the sale deed void. It held that extension of time to deposit the balance sale consideration, granted by the Adjudicating Authority during the Covid-19 lockdown under s. 35 IBC and Rule 11 NCLT Rules, was lawful despite Rule 12 consequences. Allegations of undervaluation failed, the Liquidator having properly fixed and reduced the reserve price under the IBBI framework, with no higher bidder produced. Non-constitution of a Stakeholders Consultation Committee was held inapplicable to this pre-amendment liquidation. The auction purchaser was bound by "as is where is" terms despite tax attachments. Balancing equities, SC directed the auction purchaser to pay an additional amount; appeal was partly allowed. Case-Laws IBC Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758381