The National Company Law Appellate Tribunal (“NCLAT”) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member) has held that the sale of a corporate debtor as a going concern in liquidation can be conducted even beyond 90 days under amended Regulation 32A(4) of the Liquidation Regulations, 2016 (Regulations). After the amendment, the sale of the corporate debtor can be conducted in the first auction and the requirement that such sale has to be conducted within 90 days has been removed.
Brief Facts:
M/s Continental Piling and Excavation Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) against M/s Anwesha Engineering &…
