Liquidation Order u/s 33 of IBC Cannot be Set Aside Once Successful Auction Purchaser Taken Possession of Property of Corporate Debtor: NCLAT

The NCLAT ruled that a liquidation order under Section 33 of the IBC cannot be set aside once a successful auction purchaser has taken possession of the corporate debtor's property. The appellate tribunal emphasized the finality of the auction process and the rights acquired by the successful bidder upon taking possession. Allowing the reversal of a liquidation order at this stage would create uncertainty and undermine the integrity of the insolvency resolution process.