Adjudicating Authority Can Extend Time For Payment Of Sale Consideration Beyond 90 Days U/S 35 Of IBC Read With Rule 11 Of NCLT Rules: NCLAT

NCLAT has ruled that the Adjudicating Authority can extend the time period for making payment of sale consideration beyond 90 days under Section 35 of the IBC read with Rule 11 of the NCLT Rules. This decision clarifies the flexibility in payment timelines. The tribunal's ruling emphasizes the importance of considering the specific circumstances of each case. This judgment provides clarity on IBC procedures. The ruling underscores the need for legal compliance.