Supreme Court Refuses To Interfere With Interest On Adani Infra's Delayed ₹255 Crore Payment For Land Bought In Liquidation
Kirit Singhania
1 Jun 2026 12:53 PM IST
The Supreme Court on Monday declined to interfere with a National Company Law Appellate Tribunal (NCLAT) order directing Adani Infrastructure & Developers Pvt Ltd to pay 12% interest on delayed payment of ₹255 crore. The amount formed part of the consideration for its ₹325-crore purchase of a land parcel belonging to Anil Ltd, which is under liquidation.
A bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed an appeal filed by the liquidator. The liquidator had challenged the NCLAT's decision to waive interest for a portion of the delay period.
The NCLAT had held that Adani Infrastructure was liable to pay 12% interest on the delayed payment from January 29, 2023 until June 15, 2023. However, it waived interest for the period covered by an extension granted by the National Company Law Tribunal (NCLT).
During the hearing, counsel for the liquidator argued that the appeal had been instituted within the limitation period prescribed under the Insolvency and Bankruptcy Code (IBC). It was submitted that the delay in refiling was only 28 days. The liquidator also contended that the waiver of interest would cause substantial prejudice to the liquidation estate and its creditors.
The Bench, however, questioned whether a liberal approach towards condoning delays in insolvency matters would undermine the IBC's emphasis on strict timelines. Referring to the statutory limitation period for insolvency appeals, the Court observed that litigants and practitioners must remain conscious of the timelines prescribed under the Code.
Background
The dispute arose from the liquidation of Anil Ltd., where Adani Infrastructure & Developers Pvt Ltd emerged as the successful auction purchaser of a land parcel for ₹325 crore in December 2022. After paying ₹70 crore, Adani sought more time to pay the remaining ₹255 crore, citing issues including a State Tax Department attachment over the property and certain title-related concerns.
The liquidator maintained that the auction was conducted on an “as is where is” basis and that such issues could not affect the payment schedule.
On June 21, 2024, the NCLT Ahmedabad waived interest on the delayed payment. Challenging this, the liquidator sought recovery of about ₹46.81 crore towards interest.
Allowing the appeal in part, the NCLAT held that payment timelines under the liquidation regulations are mandatory and that the successful bidder was liable to pay 12% interest on the delayed balance consideration. However, it waived interest for the period covered by the NCLT's extension order and directed payment of interest from January 29, 2023 until June 15, 2023.