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2022 (5) TMI 638 - Tri - Insolvency and BankruptcySeeking permission to Liquidator i.e. the Applicant to cancel the Sale of Corporate Debtor as a going concern - seeking grant of further time to the Applicant to conduct a fresh E-Auction in the matter of the Corporate Debtor as a going concern - HELD THAT:- Keeping in view of the fact that more than seven months has passed since the last date of conclusion of sale, we are left with no option but to allow the application of liquidator to cancel the sale of corporate debtor in favour of auction purchaser in view of failure of the auction purchaser to make payment in terms of 2nd proviso to Clause 1 (12) under Schedule I of the IBBI (Liquidation Process) Regulations, 2016. The Liquidator is permitted to cancel the sale and to proceed in accordance with law. As regards the request of Ld. Counsel for the Liquidator to conduct a fresh e-auction in the matter of corporate debtor as a going concern, it is noticed that the earlier c-auction has failed on account of the failure on the part of the auction purchaser to pay the balance amount and Liquidator has taken all the steps in accordance with law promptly therefore he is not at fault. Application allowed.
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