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₹37.80 crore Forfeiture Upheld by SC Because Buyer Missed Timelines under IBC
Case Law Details
- Case Name
- Shri Karshni Alloys Private Limited Vs Ramakrishnan Sadasivan (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Shri Karshni Alloys Private Limited Vs Ramakrishnan Sadasivan (Supreme Court of India)
SC Upholds Full Forfeiture of ₹37.80 Cr: Buyer Backtracked on Timelines, Suppressed Facts & Cannot Invoke Contract Act in IBC Sal
Supreme Court dismissed the buyer’s appeal challenging the forfeiture of ₹37.80 crore paid towards purchase of the Raichur plant in liquidation proceedings.
The Court noted that after 13 failed auctions and a planned scrap sale, the appellant suddenly offered ₹105.21 crore in Sept 2021, promising to pay the balance within 15 days of NCLT approval. NCLT approved the sal...
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