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of <h1>Clean Slate Sale Under IBC Bars Further Claims After Liquidation, Special Leave Petitions Dismissed</h1> <h3>THE PRINCIPAL COMMISSIONER OF INCOME TAX Versus STERLING BIOTECH LIMITED</h3> THE PRINCIPAL COMMISSIONER OF INCOME TAX Versus STERLING BIOTECH LIMITED - TMI 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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