https://www.taxtmi.com/caselaws?id=415010 The Tribunal upheld the Adjudicating Authority's jurisdiction under the IBC, ruling that the auction-purchaser is not liable for outstanding property tax dues prior to sale confirmation. The demand notice for dues was quashed, citing clauses "As is Where is and Whatever There is Basis" and "No Recourse Basis," which absolve the purchaser from such liabilities. Compliance with liquidation process regulations was emphasized, treating outstanding dues as claims of unsecured creditors. The appeal was dismissed, and the auction-purchaser was relieved of liability, with no costs awarded. en-us Mon, 22 Nov 2021 00:00:00 +0530 Wed, 24 Nov 2021 06:14:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415010 The Tribunal upheld the Adjudicating Authority's jurisdiction under the IBC, ruling that the auction-purchaser is not liable for outstanding property tax dues prior to sale confirmation. The demand notice for dues was quashed, citing clauses "As is Where is and Whatever There is Basis" and "No Recourse Basis," which absolve the purchaser from such liabilities. Compliance with liquidation process regulations was emphasized, treating outstanding dues as claims of unsecured creditors. The appeal was dismissed, and the auction-purchaser was relieved of liability, with no costs awarded. Case-Laws Insolvency and Bankruptcy Mon, 22 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415010