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2021 (11) TMI 195 - Tri - Insolvency and BankruptcyAuction sale - Seeking ratification and ratification of e-auction sale of the Lot – 1 assets - HELD THAT:- From a perusal of the extract of the Liquidation Regulation as at 01.04.2018 (applicable) and the amended Liquidation Regulation in juxtaposition to each other, it is clear that due to a change in law, the present circumstances requires indulgence of this Tribunal to ratify and allow the Auction Sale of the Lot – 1 and Lot – 2 assets of the corporate Applicant, since the Applicant herein is not empowered as a Liquidator to accommodate the requests of the successful bidders to pay the balance sale consideration within 90 days as per the amended Liquidation Regulations, when the Liquidation Regulations as at 01.04.2018 (old) is applicable to the present Corporate Applicant Which stipulate a time – limit of only 15 days from the date of demand i.e. the signing of the LoI. This Adjudicating Authority not inclined to give benefit of provision of 90 days to pay balance sale consideration as per amended clause 12 of Schedule I of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Relying on Circular issued by the IBBI, it is held that benefit cannot be granted as the liquidation order in the proceeding was passed before the amendment dated 25.07.2019 benefit under amended clause 12, could not be granted. Therefore, E-Auction dated 26.02.2021 is null and void as bad in law. Liquidator is directed to get assets valued again and issue fresh E- Auction sale notice in accordance with Liquidation Regulations as at 01.04.2018 (applicable) and complete Auction expeditiously - application disposed off.
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