https://www.taxtmi.com/caselaws?id=296724 In a liquidation sale of a corporate debtor as a going concern, the Tribunal held that section 60(5)(c) of the Insolvency and Bankruptcy Code permits consequential directions needed to make the sale workable and preserve going-concern value. It accepted that the successful bidder could seek reliefs necessary for continuation of business, share allotment, board reconstitution, statutory approvals, listing-related steps, and treatment of liabilities in accordance with the liquidation framework. Pre-auction claims were to be dealt with in liquidation, and shareholder interests were left to distribution under section 53. Tax and stamp duty issues were reserved for consideration by the competent authorities. en-us Tue, 26 Nov 2019 00:00:00 +0530 Thu, 05 Aug 2021 08:43:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296724 In a liquidation sale of a corporate debtor as a going concern, the Tribunal held that section 60(5)(c) of the Insolvency and Bankruptcy Code permits consequential directions needed to make the sale workable and preserve going-concern value. It accepted that the successful bidder could seek reliefs necessary for continuation of business, share allotment, board reconstitution, statutory approvals, listing-related steps, and treatment of liabilities in accordance with the liquidation framework. Pre-auction claims were to be dealt with in liquidation, and shareholder interests were left to distribution under section 53. Tax and stamp duty issues were reserved for consideration by the competent authorities. Case-Laws Insolvency and Bankruptcy Tue, 26 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296724