https://www.taxtmi.com/caselaws?id=457990 The NCLT Chennai dismissed an application by a promoter/suspended director seeking to stall e-auction proceedings and requesting alternative property division arrangements. The tribunal held that the liquidator properly conducted duties under IBC 2016 provisions and timelines. The applicant's grounds were deemed frivolous and legally unsustainable, with no legal infirmities found in the liquidator's e-auction process. The tribunal noted it lacks powers to review or recall judgments, with appeal being the appropriate remedy for aggrieved parties. en-us Wed, 17 Nov 2021 00:00:00 +0530 Tue, 01 Oct 2024 20:17:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457990 The NCLT Chennai dismissed an application by a promoter/suspended director seeking to stall e-auction proceedings and requesting alternative property division arrangements. The tribunal held that the liquidator properly conducted duties under IBC 2016 provisions and timelines. The applicant's grounds were deemed frivolous and legally unsustainable, with no legal infirmities found in the liquidator's e-auction process. The tribunal noted it lacks powers to review or recall judgments, with appeal being the appropriate remedy for aggrieved parties. Case-Laws IBC Wed, 17 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457990