Adjudicating Authority is empowered to consider any application filed by the Liquidator or Successful Auction Purchaser, which may arise with regard to terms and conditions of auction sale or sale as Going Concern as per the Liquidation Regulation – RMY Industries LLP Vs. Apple Industries Pvt. Ltd. Through its Official Liquidator – NCLAT New Delhi
In this case, Adjudicating Authority has rejected certain reliefs and concessions sought by Successful Auction Purchaser. NCLAT held that we are of the view that the Adjudicating Authority is empowered to consider any application filed by the Liquidator or Successful Auction Purchaser, which may arise with regard to terms and conditions of auction sale or sale as going concern as per the Liquidation Regulation. We, thus, are of the view that end of justice be served in giving liberty to the Appellant to file an appropriate application before the Adjudicating Authority, which may arise from the terms and conditions of the auction sale or sale as going concern, which may be considered by the Adjudicating Authority.
