https://www.taxtmi.com/caselaws?id=405228 In a liquidation sale of a corporate debtor as a going concern, the successful bidder may receive the business and identified assets free from pre-acquisition liabilities, claims and encumbrances, with such pre-existing obligations to be addressed through the liquidation waterfall under the Insolvency and Bankruptcy Code. Ancillary directions may also be issued to make the transfer workable, including cancellation of existing shareholding, alteration of ROC status, reconstitution of the board, continuation of subsisting licences and contracts, and cooperation by the liquidator in filings and transmission formalities. Tax and incentive reliefs, however, remain subject to the governing tax law, scheme conditions and competent authority approval, rather than automatic entitlement. en-us Tue, 09 Mar 2021 00:00:00 +0530 Mon, 15 Mar 2021 08:37:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405228 In a liquidation sale of a corporate debtor as a going concern, the successful bidder may receive the business and identified assets free from pre-acquisition liabilities, claims and encumbrances, with such pre-existing obligations to be addressed through the liquidation waterfall under the Insolvency and Bankruptcy Code. Ancillary directions may also be issued to make the transfer workable, including cancellation of existing shareholding, alteration of ROC status, reconstitution of the board, continuation of subsisting licences and contracts, and cooperation by the liquidator in filings and transmission formalities. Tax and incentive reliefs, however, remain subject to the governing tax law, scheme conditions and competent authority approval, rather than automatic entitlement. Case-Laws Insolvency and Bankruptcy Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405228