https://www.taxtmi.com/caselaws?id=775393 The NCLAT upheld the Adjudicating Authority's decision allowing the successful bidder (SAP) additional time beyond the prescribed 90 days to pay the balance sale consideration, citing extraordinary external circumstances and the bidder's bona fide intent and financial capacity to pay within the original period. The tribunal found no gross irregularity or illegality in the Liquidator's conduct of the auction, noting the Liquidator's duty to facilitate the sale and file necessary applications. The SAP paid the balance amount with 12% interest within the extended period, and the proceeds were duly distributed to stakeholders. The appeal challenging the auction's validity was dismissed, as setting aside the sale would cause unnecessary delay and prejudice to stakeholders without serving justice. en-us Fri, 18 Jul 2025 00:00:00 +0530 Fri, 25 Jul 2025 08:28:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775393 The NCLAT upheld the Adjudicating Authority's decision allowing the successful bidder (SAP) additional time beyond the prescribed 90 days to pay the balance sale consideration, citing extraordinary external circumstances and the bidder's bona fide intent and financial capacity to pay within the original period. The tribunal found no gross irregularity or illegality in the Liquidator's conduct of the auction, noting the Liquidator's duty to facilitate the sale and file necessary applications. The SAP paid the balance amount with 12% interest within the extended period, and the proceeds were duly distributed to stakeholders. The appeal challenging the auction's validity was dismissed, as setting aside the sale would cause unnecessary delay and prejudice to stakeholders without serving justice. Case-Laws IBC Fri, 18 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775393