https://www.taxtmi.com/caselaws?id=759360 NCLT Indore dismissed an application seeking to set aside liquidator's sale notice for a property. The secured creditor failed to communicate its decision regarding security interest realization within the mandatory 30-day period from liquidation commencement date, causing the 8.04-acre property portion to become part of liquidation estate. The creditor's belated claim through revised Form-D after nearly two years was rejected. The tribunal held that Regulation 21A requirements are clear and unambiguous - secured creditors must realize security and pay CIRP costs within specified timeframes, failing which assets become part of liquidation estate. en-us Fri, 16 Feb 2024 00:00:00 +0530 Mon, 30 Sep 2024 13:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759360 NCLT Indore dismissed an application seeking to set aside liquidator's sale notice for a property. The secured creditor failed to communicate its decision regarding security interest realization within the mandatory 30-day period from liquidation commencement date, causing the 8.04-acre property portion to become part of liquidation estate. The creditor's belated claim through revised Form-D after nearly two years was rejected. The tribunal held that Regulation 21A requirements are clear and unambiguous - secured creditors must realize security and pay CIRP costs within specified timeframes, failing which assets become part of liquidation estate. Case-Laws IBC Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759360