Liquidator rightly cancelled sale certificate on failure to make payment by successful bidder: NCLAT Delhi

S P Construction Vs Narendra Kumar Sharma (NCLAT Delhi) NCLAT Delhi held that under the Liquidation Regulation 2016, there is a statutory requirement of payment of bid amount within 90 days. Thus, liquidator rightly forfeited EMD and cancelled sale certificate for failure to make payment by successful bidder within prescribed time. Facts- The Liquidation Proceedings against the Corporate Debtor commenced by an Order passed by the Adjudicating Authority on 16.09.2020 and 06.11.2020. The Liquidator published Sale Notice for reserve price on 12.08.2021 fixing sale price of 6.50. No bids came henc...