NCLAT dismisses appeals by Maharashtra Airport Development Company Ltd. challenging NCLT orders related to the liquidation sale of Abhijeet MADC Nagpur Energy Pvt. Ltd.
The appellate tribunal upholds the sale of the corporate debtor's undertaking via slump sale and its legal entity as a shell to the successful auction purchaser.
The order clarifies that the auction purchaser's rights are subject to the original concession agreement, requiring the project's eventual transfer back to MADCL after the 33-year term.
MADCL's claims as a financial and operational creditor were previously rejected by the liquidator and NCLT, with no appeal filed, rendering those decisions final.