https://www.taxtmi.com/caselaws?id=775393 Liquidation auction timelines are ordinarily binding, but the auction was not vitiated where the successful bidder showed readiness to pay and the delay was not wilful. The Adjudicating Authority could grant limited further time in extraordinary circumstances, including a conversion dispute, stay order, and pending proceedings, especially where interest was imposed to balance equities. No gross irregularity or illegality was established in the Liquidator's conduct, as the conversion process was linked to obtaining lawful transfer permissions and no fraud or collusion was shown. The auction sale was therefore allowed to stand. en-us Fri, 18 Jul 2025 00:00:00 +0530 Fri, 18 Jul 2025 17:32:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775393 Liquidation auction timelines are ordinarily binding, but the auction was not vitiated where the successful bidder showed readiness to pay and the delay was not wilful. The Adjudicating Authority could grant limited further time in extraordinary circumstances, including a conversion dispute, stay order, and pending proceedings, especially where interest was imposed to balance equities. No gross irregularity or illegality was established in the Liquidator's conduct, as the conversion process was linked to obtaining lawful transfer permissions and no fraud or collusion was shown. The auction sale was therefore allowed to stand. Case-Laws IBC Fri, 18 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775393