The National Company Law Appellate Tribunal (NCLAT) Chennai bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Jatindranath Swain (Technical Member) has held that the order passed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (Code), directing the liquidation of the corporate debtor, cannot be set aside once the Successful Auction Purchaser has taken possession of the corporate debtor’s property pursuant to the sale conducted by the liquidator.
Brief Facts:
The Appellant has filed this appeal to challenge an order passed under section 33(2) of the Code by which the liquidation of the corporate debtor was ordered and Respondent No. 1 was appointed as the Liquidator.
The Corporate Debtor had…
