https://www.taxtmi.com/caselaws?id=457989 The Tribunal applied the Supreme Court's suo motu extension of limitation and the NCLAT's corresponding notice to exclude the COVID-19 lockdown period when reckoning the time to deposit the balance sale consideration. As a result, the payment deadline was treated as by the lockdown exclusion, and the period of lockdown was not counted toward any time-driven obligation. Interest for delayed payment was held to arise only if default continued after the lockdown period ended, and no present liability for interest was recognised for the excluded period. Consideration of the auction challenge and related deposit-time issues was deferred until the lockdown is lifted. en-us Tue, 05 May 2020 00:00:00 +0530 Tue, 01 Oct 2024 20:17:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457989 The Tribunal applied the Supreme Court's suo motu extension of limitation and the NCLAT's corresponding notice to exclude the COVID-19 lockdown period when reckoning the time to deposit the balance sale consideration. As a result, the payment deadline was treated as by the lockdown exclusion, and the period of lockdown was not counted toward any time-driven obligation. Interest for delayed payment was held to arise only if default continued after the lockdown period ended, and no present liability for interest was recognised for the excluded period. Consideration of the auction challenge and related deposit-time issues was deferred until the lockdown is lifted. Case-Laws IBC Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457989