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Regulation’s outer-limit for going concern sale and liquidation prescribes a period of 90 days from the date of receipt of Letter of Intent for the payment of sale consideration, if any sale has to be consummated as a Going Concern – VDB Projects Pvt. Ltd. Vs. Anil Mehta, Liquidator of Pratibha Industries Ltd. – NCLT Mumbai Bench

The Adjudicating Authority held that IBC, 2016 has been introduced to ensure the resolution of companies facing financial distress (known as Corporate Debtors) and in the failure of the same, the process of liquidation to be done in a time bound manner. Therefore, the present application which is filed seeking extension of time to deposit the unpaid consideration. For the similar issue, the Bench had directed the applicant to deposit the consideration vide order dated 03.06.2022 and the same was breached by the Applicant who is now praying for extension.

Regulation’s outer-limit for going concern sale and liquidation prescribes a period of 90 days from the date of receipt of Letter of Intent for the payment of sale consideration, if any sale has to be consummated as a Going Concern – VDB Projects Pvt. Ltd. Vs. Anil Mehta, Liquidator of Pratibha Industries Ltd. – NCLT Mumbai Bench Read Post »

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