Auction purchaser - Seeking refunds of certain amount which have ...

Insolvency and Bankruptcy

June 23, 2022

Auction purchaser - Seeking refunds of certain amount which have deposited under protest for discharge the contractual obligation - Merely because the petitioner is a bonafide auction purchaser who had purchased assets Corporate Debtor through auction/bidding so conducted by orders of NCLT, will not absolve it from paying arrears of lease rental and interest thereon. - The Insolvency Bankruptcy Code- 2016 grants limited protection to the petitioner (auction purchaser) while allowing it to step into the shoes of the Corporate Debtor but in order to the lessee of the principle lessor (GNIDA) the petitioner has to honor the commitments and discharge its contractual obligation as embodied in the lease deeds, Transfer Memorandum and Sale Certificate. - HC

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Auction purchaser - Seeking refunds of certain amount which have ...

Insolvency and Bankruptcy

June 23, 2022

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