TaxTMI 
TaxTMI 
2026 (3) TMI 415
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....an application praying for condonation of 15 days delay in filing of the appeal. 2. This appeal has been filed by the financial creditor of the corporate debtor. 3. Learned counsel for the respondent opposing the application submits that appeal was deliberately filed on 45th day and the appellants were waiting to receive the offers to make a case on merits. 4. Sufficient cause has been shown in paragraphs 3 & 4 of the application for condonation of delay which is within the condonable period. 5. After having heard learned counsel for the parties, we are of the view that sufficient cause has been shown for condonation of delay. Delay condoned. Comp. App. (AT) (Ins.) No. 2037/2025 1. Heard learned counsel for the appellan....
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....financial creditor, aggrieved by the order has come up in this appeal. 5. It is the case of the appellant that appellant has communicated to the liquidator within 30 days period that he is not relinquishing his security and the assets i.e., 2 flats shall be sold by the appellant itself. Appellant's case is that appellant has also paid the necessary relevant share of the cost as contemplated by Regulation 21A(2)(a) of the IBBI (Liquidation Process) Regulations, 2016 (for short the Liquidation Regulations, 2016) to the liquidator and the assets having not yet been sold, there was no occasion to pay any excess amount as contemplated by Regulation 21A(2)(b) of the Liquidation Regulation, 2016. Regulation 21A which is relevant in the present ....
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....ount paid under the first proviso shall be made good by the secured creditor or the liquidator, as the case may be, as soon as the amount payable under this sub-regulation is certain and so informed by the liquidator. (3) Where a secured creditor fails to comply with sub- regulation (2), the asset, which is subject to security interest, shall become part of the liquidation estate.]] [Explanation.- It is hereby clarified that the requirements of this regulation shall apply to the liquidation processes commencing on or after the date of the commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.]"....
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....igher than the price intimated under sub-regulation (1). (3) Where the liquidator informs the secured creditor of a person willing to buy the secured asset under sub- regulation (2), the secured creditor shall sell the asset to such person. (4) If the liquidator does not inform the secured creditor in accordance with sub-regulation (2), or the person does not buy the secured asset in accordance with sub- regulation (2), the secured creditor may realize the secured asset in the manner it deems fit, but at least at the price intimated under sub-regulation (1). (5) Where the secured asset is realized under sub- regulation (3), the secured creditor shall bear the cost of identification of the buyer under sub-regulatio....