NCLAT says Subsequent Liquidation Rules Cannot Retrospectively Alter an Ongoing Process

The CoC had resolved, before liquidation, that the Corporate Debtor should first be explored for sale as a going concern, and the NCLT's liquidation order dated 10 October 2025 expressly recorded that decision. NCLAT held that the subsequent IBBI amendment dated 14 October 2025 could not retrospectively govern the process and remanded the matter for consideration of the successful purchaser's consequential reliefs and concessions.