Bidder cannot request for conversion into sale as a going concern after accepting Corporate Debtor in slump sale

Jindal Power Ltd Vs Dushyant C Dave Liquidator of Shirpur Power Pvt Ltd (NCLT Ahmedabad) Conclusion: Once a successful bidder had accepted and purchased the Corporate Debtor in slump sale under IBC, the bidder could not request to convert that sale into a sale of Corporate Debtor as a going concern from slump sale as it would affect the rights of members of the stakeholders’ committee prejudicially . Held: In the instant case, when no prospective buyers turned up to purchase the Corporate Debtor as a going concern, the Liquidator published a fresh notice dated 20.07.2021 declaring the sl...