Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Liquidation Order U/S 33 Of IBC Cannot Be Set Aside When Third Party Has Taken Possession Of Property After Sale Conducted By Liquidator: NCLAT
Insolvency & Bankruptcy Code
The NCLAT ruled that a liquidation order passed under Section 33 of the IBC cannot be set aside when a third party has taken possession of property after a sale conducted by the liquidator. This decision protects the rights of bona fide purchasers in liquidation proceedings. The ruling ensures the finality of sales conducted by liquidators. It reinforces the legal framework for liquidation under the IBC.
