Allowability of extended time to Liquidator beyond 90 days was justifiable due to external circumstances

Sushil Jejani S/o Atmaram Jejani Vs Pasad Dharap (NCLAT Delhi) Conclusion: Since there were compelling circumstances which constrained the Liquidator from securing the sale consideration of the auction land within 90 days such as special circumstances arising out of the conversion imbroglio, restraint orders of the Hon’ble Bombay High Court and IAs pending before the Adjudicating Authority, therefore, there was no infirmity in the order of the Adjudicating Authority in allowing further time to the SAP to make balance payment in view of what it described as “external circumstances”. Held:...