https://www.taxtmi.com/caselaws?id=783231 SC upheld NCLAT and NCLT orders confirming forfeiture of the appellant-purchaser's payment of Rs.37.80 crores and dismissal of its challenge. The Court held that the failed auction in July 2021 concluded the auction process, and the subsequent transaction was a private sale requiring NCLT approval, falling outside Regulation 33(2)(c) of the Liquidation Regulations. The appellant accepted NCLT's extension of time with an express forfeiture condition and, having defaulted on payment, could not later contest that condition or approbate and reprobate. SC also noted the appellant's lack of bona fides in simultaneously pursuing remedies before NCLAT and HC, amounting to abuse of process. Appeals were dismissed. en-us Wed, 10 Dec 2025 00:00:00 +0530 Fri, 12 Dec 2025 08:55:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783231 SC upheld NCLAT and NCLT orders confirming forfeiture of the appellant-purchaser's payment of Rs.37.80 crores and dismissal of its challenge. The Court held that the failed auction in July 2021 concluded the auction process, and the subsequent transaction was a private sale requiring NCLT approval, falling outside Regulation 33(2)(c) of the Liquidation Regulations. The appellant accepted NCLT's extension of time with an express forfeiture condition and, having defaulted on payment, could not later contest that condition or approbate and reprobate. SC also noted the appellant's lack of bona fides in simultaneously pursuing remedies before NCLAT and HC, amounting to abuse of process. Appeals were dismissed. Case-Laws IBC Wed, 10 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783231