Delay in Filing Scheme of Compromise U/S 230 Not Condoned as no Auction Flaws found

Ketan C Bagadia Vs Radhakrishnan Dharmarajan (NCLAT Chennai) NCLAT Chennai held that delayed filing of scheme of compromise u/s. 230 of the Companies Act cannot be condoned since there was no procedural flaw in conducting the auction till the stage it was finalized by the issuance of the sale certificate. Facts- Vide the present appeal, the appellant Ketan C Bagadia, had prayed to declare the Auction notice dated 20.05.2023 issued by the Respondent and consequent proceedings/ sale under the aforesaid Auction Notice as null and void and condone the delay in submitting the scheme under Section 2...