https://www.taxtmi.com/caselaws?id=772318 The NCLAT Chennai allowed an appeal challenging NCLT's rejection of a modification application. The case involved converting the sale of corporate debtor as going concern under Regulation 32(e) to sale of business under Regulation 32(f) of IBBI Liquidation Process Regulations, 2016. NCLAT found NCLT overlooked the correct date of the 10th Stakeholders Consultation Committee meeting (18.03.2024, not 18.03.2023) and determined the modification request was not an afterthought. The tribunal exercised inherent powers to meet ends of justice, noting no adverse impact on parties' rights and stakeholder consensus. The original order dated 02.09.2024 was modified to reflect sale under Regulation 32(f), and the impugned order was quashed. en-us Wed, 30 Apr 2025 00:00:00 +0530 Fri, 06 Jun 2025 08:32:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772318 The NCLAT Chennai allowed an appeal challenging NCLT's rejection of a modification application. The case involved converting the sale of corporate debtor as going concern under Regulation 32(e) to sale of business under Regulation 32(f) of IBBI Liquidation Process Regulations, 2016. NCLAT found NCLT overlooked the correct date of the 10th Stakeholders Consultation Committee meeting (18.03.2024, not 18.03.2023) and determined the modification request was not an afterthought. The tribunal exercised inherent powers to meet ends of justice, noting no adverse impact on parties' rights and stakeholder consensus. The original order dated 02.09.2024 was modified to reflect sale under Regulation 32(f), and the impugned order was quashed. Case-Laws IBC Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772318