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Home Highlights January 2022 Year 2022 This

Approval of the Sale as a ‘Going Concern’ - If the Bidder is ...

Insolvency and Bankruptcy

January 13, 2022

Approval of the Sale as a ‘Going Concern’ - If the Bidder is allowed to withdraw from the Bid at this stage and seek refund on the ground that their conditional offer has not been accepted, then the liquidation process would be a never ending one, defeating the scope and objective of the Code - The acceptance was conveyed to the Bidder on 25.09.2019. Clearly noting the terms and conditions that the Company was being sold as a ‘Going Concern in an as is very basis’, the Bidder cannot now be permitted to turn around and plead that their offer was conditional. - AT

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