https://www.taxtmi.com/caselaws?id=765472 NCLAT Chennai ruled on a liquidation bidding dispute where the successful bidder defaulted on payment obligations. The appellant sought time extension to pay the settlement amount, citing COVID-19 related delays in foreign investment approvals by RBI's Financial Investment Unit. The tribunal denied the extension request but acknowledged genuine efforts hampered by factors beyond the appellant's control. Applying equitable principles and citing Alisha Khan precedent, NCLAT ordered partial EMD forfeiture - retaining 25% (Rs. 1.25 crores) while directing refund of 75% (Rs. 3.75 crores) within one month. Appeal allowed in part. en-us Mon, 16 Dec 2024 00:00:00 +0530 Sat, 01 Feb 2025 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765472 NCLAT Chennai ruled on a liquidation bidding dispute where the successful bidder defaulted on payment obligations. The appellant sought time extension to pay the settlement amount, citing COVID-19 related delays in foreign investment approvals by RBI's Financial Investment Unit. The tribunal denied the extension request but acknowledged genuine efforts hampered by factors beyond the appellant's control. Applying equitable principles and citing Alisha Khan precedent, NCLAT ordered partial EMD forfeiture - retaining 25% (Rs. 1.25 crores) while directing refund of 75% (Rs. 3.75 crores) within one month. Appeal allowed in part. Case-Laws IBC Mon, 16 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765472