https://www.taxtmi.com/caselaws?id=409044 A liquidation sale of a corporate debtor as a going concern transfers the business as a continuing legal entity, with pre-sale liabilities dealt with through the statutory liquidation mechanism and assets passing free from prior encumbrances. The successful purchaser may obtain consequential reliefs necessary for operational continuity, including restructuring of capital, continuation of subsisting licences and contracts subject to statutory dues and renewal fees, extinguishment of existing share capital, reconstitution of the board, correction of ROC status to active, and handover of title documents after removal of encumbrances. Requests for exemption-related reliefs may still need to be pursued before the appropriate authorities. en-us Mon, 21 Jun 2021 00:00:00 +0530 Mon, 28 Jun 2021 10:03:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409044 A liquidation sale of a corporate debtor as a going concern transfers the business as a continuing legal entity, with pre-sale liabilities dealt with through the statutory liquidation mechanism and assets passing free from prior encumbrances. The successful purchaser may obtain consequential reliefs necessary for operational continuity, including restructuring of capital, continuation of subsisting licences and contracts subject to statutory dues and renewal fees, extinguishment of existing share capital, reconstitution of the board, correction of ROC status to active, and handover of title documents after removal of encumbrances. Requests for exemption-related reliefs may still need to be pursued before the appropriate authorities. Case-Laws Insolvency and Bankruptcy Mon, 21 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409044