Liquidation Order u/s 33 of IBC Cannot be Set Aside Once Successful Auction Purchaser Taken Possession of Property of Corporate Debtor: NCLAT [Read Order]
Since the liquidator has completed the sale creating third party interest, the appeal deserves to be dismissed and the claim for indemnification ceases as the auction purchaser now holds the possession.
The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) has held that once the Successful Auction Purchaser has acquired the corporate debtor’s assets as a result of the liquidator’s sale, the order issued under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (Code) directing the corporate debtor’s liquidation cannot be revoked. Read…
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