Notice Period Of 30 Days Should Be Given For E-Auction, Even Though There Are No Timelines Under Liquidation Regulations: NCLAT Delhi
www.livelaw.in
that a notice period of thirty days should be given in e-auction to obtain best value, even though Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 do not provide any timelines. The Bench has set aside an e-auction which was concluded by the Liquidator within five days
1 Users
0 Comments
2 Highlights
0 Notes
Top Highlights
- that a notice period of thirty days should be given in e-auction to obtain best value, even though Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 do not provide any timelines. The Bench has set aside an e-auction which was concluded by the Liquidator within five days of issuing Sale Notice
- The NCLT opined that there was no sufficient gap given after issuance of Sale Notice to complete the E-auction exercise and the Liquidator had acted hastily. Accordingly, the E-auction dated 08.04.2022 was set aside and the Liquidator was directed to personally bear the cost of auction/re-auction.
Domain
Ready to highlight and find good content?
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.