https://www.taxtmi.com/caselaws?id=767587 The liquidation regulations require the successful auction purchaser to pay the balance sale consideration within the prescribed period, and default ordinarily renders the sale liable to cancellation. However, where the Adjudicating Authority, rather than the liquidator, extends time in appropriate circumstances, the extension may be sustained under its statutory and inherent powers. Once the full consideration with interest is received, approval of the sale can follow as a consequential step. The operative principle is that the payment timeline is mandatory, but limited judicial extension may validate the transaction on the facts. en-us Tue, 18 Mar 2025 00:00:00 +0530 Fri, 21 Mar 2025 08:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767587 The liquidation regulations require the successful auction purchaser to pay the balance sale consideration within the prescribed period, and default ordinarily renders the sale liable to cancellation. However, where the Adjudicating Authority, rather than the liquidator, extends time in appropriate circumstances, the extension may be sustained under its statutory and inherent powers. Once the full consideration with interest is received, approval of the sale can follow as a consequential step. The operative principle is that the payment timeline is mandatory, but limited judicial extension may validate the transaction on the facts. Case-Laws IBC Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767587