https://www.taxtmi.com/caselaws?id=798803 The IBBI (Liquidation Process) (Second Amendment) Regulations, 2025 did not apply to a going-concern sale process where liquidation had commenced before the amendment took effect. A liquidation order recording the creditors' recommendation that the liquidator explore sale of the corporate debtor as a going concern established the governing legal framework on the liquidation commencement date. The subsequent auction constituted implementation of that existing liquidation process rather than commencement of a fresh process. Absent retrospective operation, later regulations could not alter rights and obligations already governed by the earlier liquidation framework. The challenged order was set aside and the matter remitted to consider reliefs and concessions according to law. en-us Thu, 10 Sep 2026 00:00:00 +0530 Sat, 12 Sep 2026 08:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798803 The IBBI (Liquidation Process) (Second Amendment) Regulations, 2025 did not apply to a going-concern sale process where liquidation had commenced before the amendment took effect. A liquidation order recording the creditors' recommendation that the liquidator explore sale of the corporate debtor as a going concern established the governing legal framework on the liquidation commencement date. The subsequent auction constituted implementation of that existing liquidation process rather than commencement of a fresh process. Absent retrospective operation, later regulations could not alter rights and obligations already governed by the earlier liquidation framework. The challenged order was set aside and the matter remitted to consider reliefs and concessions according to law. Case-Laws IBC Thu, 10 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798803