https://www.taxtmi.com/caselaws?id=405228 The Tribunal approved the sale of the Corporate Debtor as a going concern under the Insolvency and Bankruptcy Code, 2016. The successful bidder was granted ownership of all assets, employees, licenses, and liabilities. The existing shares were extinguished, and fresh equity shares were issued to the bidder. Various reliefs and concessions were provided for the smooth operation of the business. The Applicant was relieved of past liabilities, and the board of the Corporate Debtor could be reconstituted. The continuation of licenses and contracts was allowed, with a directive to comply with statutory requirements. The Corporate Debtor could benefit from brought forward losses and incentives. 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 The Tribunal approved the sale of the Corporate Debtor as a going concern under the Insolvency and Bankruptcy Code, 2016. The successful bidder was granted ownership of all assets, employees, licenses, and liabilities. The existing shares were extinguished, and fresh equity shares were issued to the bidder. Various reliefs and concessions were provided for the smooth operation of the business. The Applicant was relieved of past liabilities, and the board of the Corporate Debtor could be reconstituted. The continuation of licenses and contracts was allowed, with a directive to comply with statutory requirements. The Corporate Debtor could benefit from brought forward losses and incentives. Case-Laws Insolvency and Bankruptcy Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405228