A Successful Bidder gets 30 Days time without interest. The payment of Loan sum, by the Successful Bidder / Bidder ought to be made, within 90 days with interest and 30 days without interest – MCM Pacific PTE Ltd. Vs. Mr. Pankaj Dhanuka Liquidator of Lanco Kondapalli Power Ltd. – NCLAT Chennai
NCLAT held that no wonder, the Code, 2016 stipulates the time limit that the period, in which the entire CIRP is to be completed, with a view to ensure maximisation of value of Assets of the Corporate Debtor and to avoid depreciation value, of the property concerned. More importantly, a Successful Bidder gets 30 Days time without interest. The payment of Loan sum, by the Successful Bidder / Bidder ought to be made, within 90 days with interest and 30 days without interest. The only benefit that the Successful Bidder derives is that no interest for 30 Days from the date of Letter of Intent. The balance full sale consideration (money consideration) is to be paid within 90 days, of course, with interest, on some pretext or the other.
