NCLT/NCLAT Under IBC Lacks Jurisdiction To Set Aside Auction Sale Conducted Prior To Initiation Of CIRP: NCLAT

The NCLAT has ruled that it "lacks jurisdiction to set aside an auction sale conducted prior to the initiation of CIRP." The tribunal’s decision clarifies the scope of its powers. The ruling reinforces the principle that the tribunal can only intervene in a matter that falls within the purview of the Insolvency and Bankruptcy Code.