Covid-19 lockdown valid reason to extend time for auction purchaser to deposit balance consideration
Case Law Details
Case Name : V.S. Palanivel Vs P. Sriram (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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V.S. Palanivel Vs P. Sriram (Supreme Court of India)
Supreme Court held that Covid-19 lockdown was a valid reason for extension of time to deposit the balance sale consideration to auction purchaser under Insolvency and Bankruptcy Code.
Facts- The appellant – V.S. Palanivel (shareholder/former Managing Director of M/s Sri Lakshmi Hotel Private Limited) has filed the present appeals against the judgment and order dated 16th September, 2022, passed by the National Company Law Appellate Tribunal.
Notably, National Company Law Tribunal rejected an application moved by the appellant praying i...
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Author Bio
mou done for sale of property
part payment received
balance due
limitations period after 12 years