IBC Update: Cancellation of Sale of Corporate debtor to auction purchaser

Potens Transmissions & Power Pvt. Ltd Vs Gian Chand Narang (NCLAT Delhi) NCLAT Delhi cancels the sale of Corporate Debtor to the auction purchaser in Liquidation Proceedings for failure to pay consideration in 90 days as stipulated under IBBI (Liquidation Process) Regulations 2016. The order was passed on 12.05.2022. Company Appeal (AT) (Insolvency) No. 532 of 2022 in Potens Transmissions & Power Pvt. Ltd V/s. Gyan Chand Narang. Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 – Clause 1(12) of Schedule I. “1 Auction. (12) On the close of the...