Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + SCH Insolvency and Bankruptcy - 2023 (12) TMI SCH This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (12) TMI 961 - SC ORDERAuction sale under the SARFAESI Act, 2002 - legitimacy of the transaction resulting from sale of the subject property through auction - Sale concluded while commencing the resolution process - HELD THAT:- The Liquidator (now representing the Corporate Debtor in liquidation), the erstwhile Director/Promoter of the Corporate Debtor as also the Bank does not dispute the factual position that the sale stood concluded before declaration of moratorium. No reason was cited to demonstrate as to why the sale certificate would be held illegal. No case has been made out on behalf of the respondents about any defect or default in forwarding the sale certificate in terms of Section 89(4) of the Registration Act, 1908. On the other hand, all the three respondents have concurred at the time of hearing on the point that the sale stood concluded. The present appeal shall stand allowed to the extent the properties in question are concerned. These properties cannot be treated to be liquidation assets of the Corporate Debtor for the purpose of further steps to be taken in the liquidation proceeding. The impugned order is set aside.
|