https://www.taxtmi.com/caselaws?id=767587 NCLAT dismissed appeal challenging extension of payment timeline for successful bidder beyond 90-day period under IBBI Liquidation Process Regulations 2016. SC in V.S. Palanivel case upheld Adjudicating Authority's power under Section 35 read with Rule 11 NCLT Rules to extend payment time. Successful bidder's extension application was allowed, payment made, and sale approved. NCLAT held that while Clause 12 Schedule 1 provisions are mandatory, Adjudicating Authority has discretion to extend timeline under certain circumstances using statutory and inherent powers. en-us Tue, 18 Mar 2025 00:00:00 +0530 Fri, 21 Mar 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767587 NCLAT dismissed appeal challenging extension of payment timeline for successful bidder beyond 90-day period under IBBI Liquidation Process Regulations 2016. SC in V.S. Palanivel case upheld Adjudicating Authority's power under Section 35 read with Rule 11 NCLT Rules to extend payment time. Successful bidder's extension application was allowed, payment made, and sale approved. NCLAT held that while Clause 12 Schedule 1 provisions are mandatory, Adjudicating Authority has discretion to extend timeline under certain circumstances using statutory and inherent powers. Case-Laws IBC Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767587