Levy of Maintenance Security Deposit in respect of the property ...

Successful Bidder Must Pay Rs. 6 Lakh in Statutory Dues After E-Auction Under Insolvency and Bankruptcy Code, 2016.

June 2, 2021

Case Laws     Insolvency and Bankruptcy     AT

Levy of Maintenance Security Deposit in respect of the property which was e-Auctioned by the Liquidator - Section 61(1) of the Insolvency and Bankruptcy Code, 2016 - Having bid, paid the EMD and gone through the Process Memorandum and terms of LoI, the Appellant herein has exercised their choice of being a successful bidder and now cannot turn around and state that ₹ 6 Lakh amount to be paid towards statutory dues cannot be fastened upon them - AT

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