₹37.80 crore Forfeiture Upheld by SC Because Buyer Missed Timelines under IBC

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...