https://www.taxtmi.com/caselaws?id=300137 An auction purchaser of a unit sold under the SARFAESI regime before commencement of CIRP was held bound by the liabilities attached to the sale, because the auction notice, correspondence and acceptance of offer showed an acquisition on an as-is-where-is basis with notice of known statutory and other dues. The purchaser could not rely solely on a recital that the property was sold free from encumbrances to avoid those burdens. The Adjudicating Authority was also held to have jurisdiction under Section 60(5) to examine whether workmen's dues and similar claims should be borne by the purchaser or remain against the corporate debtor. EPF dues were treated as an encumbrance and first charge to the extent applicable. en-us Wed, 03 Mar 2021 00:00:00 +0530 Fri, 14 Jan 2022 08:36:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300137 An auction purchaser of a unit sold under the SARFAESI regime before commencement of CIRP was held bound by the liabilities attached to the sale, because the auction notice, correspondence and acceptance of offer showed an acquisition on an as-is-where-is basis with notice of known statutory and other dues. The purchaser could not rely solely on a recital that the property was sold free from encumbrances to avoid those burdens. The Adjudicating Authority was also held to have jurisdiction under Section 60(5) to examine whether workmen's dues and similar claims should be borne by the purchaser or remain against the corporate debtor. EPF dues were treated as an encumbrance and first charge to the extent applicable. Case-Laws Insolvency and Bankruptcy Wed, 03 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300137