https://www.taxtmi.com/caselaws?id=300854 A pre-CIRP sale of an industrial unit on an "as is where is" and "as is what is" basis, with the bidder expressly notified of outstanding employee, labour, provident fund, income-tax and other dues, shifts those liabilities to the purchaser rather than leaving them with the corporate debtor. The tribunal treated the disclosed liabilities as part of the purchase burden and held that the corporate debtor could not later be fastened with Unit-1's dues after the sale. The only exception noted was any EPF amount already deducted and still retained by the corporate debtor, which had to be remitted to the appropriate authority. en-us Tue, 01 Oct 2019 00:00:00 +0530 Mon, 28 Feb 2022 20:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300854 A pre-CIRP sale of an industrial unit on an "as is where is" and "as is what is" basis, with the bidder expressly notified of outstanding employee, labour, provident fund, income-tax and other dues, shifts those liabilities to the purchaser rather than leaving them with the corporate debtor. The tribunal treated the disclosed liabilities as part of the purchase burden and held that the corporate debtor could not later be fastened with Unit-1's dues after the sale. The only exception noted was any EPF amount already deducted and still retained by the corporate debtor, which had to be remitted to the appropriate authority. Case-Laws Insolvency and Bankruptcy Tue, 01 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300854