https://www.taxtmi.com/caselaws?id=300826 Where a corporate debtor is sold as a going concern, the liquidation process may be closed without ordering dissolution, as Regulation 45(3)(a) contemplates closure in that situation and section 54 applies only where assets have been completely liquidated. Pending avoidance applications do not by themselves prevent closure, because liquidation may be completed notwithstanding such proceedings, which can continue separately. A successful bidder cannot be directed through the liquidation process to satisfy pre-sale claims of an operational creditor unless the governing insolvency framework so provides. The liquidation was therefore treated as closable without dissolution, the avoidance proceedings were left to continue independently, and relief against the bidder was refused. en-us Mon, 18 May 2020 00:00:00 +0530 Sun, 27 Feb 2022 20:35:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300826 Where a corporate debtor is sold as a going concern, the liquidation process may be closed without ordering dissolution, as Regulation 45(3)(a) contemplates closure in that situation and section 54 applies only where assets have been completely liquidated. Pending avoidance applications do not by themselves prevent closure, because liquidation may be completed notwithstanding such proceedings, which can continue separately. A successful bidder cannot be directed through the liquidation process to satisfy pre-sale claims of an operational creditor unless the governing insolvency framework so provides. The liquidation was therefore treated as closable without dissolution, the avoidance proceedings were left to continue independently, and relief against the bidder was refused. Case-Laws Insolvency and Bankruptcy Mon, 18 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300826