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<h1>Clean Slate Sale Under IBC Bars Further Claims After Liquidation, Special Leave Petitions Dismissed</h1> The SC held that since the respondents were sold on a clean slate following liquidation under the IBC, no further claims or proceedings could survive. ... Validity of revision proceedings - Respondent(s) as submitted that they have been sold on a clean slate basis after undergoing liquidation proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) and therefore, nothing further would survive in these special leave petitions. Special leave petitions are disposed of. The Supreme Court addressed special leave petitions concerning assets sold post-liquidation under the Insolvency and Bankruptcy Code, 2016 (IBC). The respondent(s) contended that the assets were acquired on a 'clean slate basis' following completion of liquidation proceedings. Consequently, the Court held that 'nothing further would survive in these special leave petitions,' leading to their disposal. All pending applications related to these petitions were also disposed of. The judgment underscores the finality of the liquidation process under the IBC, affirming that once assets are sold post-liquidation, no residual claims or petitions remain maintainable.
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