If Auction sale notice was issued initially prior to the insertion of provision of Regulation 32A of IBBI Liquidation Process Regulations, 2016, Regulation 32A(4) cannot be pressed in service – Haravtar Singh Arora, Erstwhile promoter of James Hotel Vs. Navneet Gupta, Liquidator of James Hotel and Anr. – NCLAT New Delhi

Hon’ble NCLAT observed that submission is that under Regulation 32A sub-clause 4, auction did not take place within 90 days hence assets ought to have been sold under Clause ‘a’ to ‘d’. It is not denied that auction sale notice was issued initially prior to the insertion of provision of Regulation 32A, hence we are of the that in the auction, regulation 32A sub-clause (4) cannot be pressed in service.

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