https://www.taxtmi.com/caselaws?id=418975 A going-concern sale of a corporate debtor in liquidation under the liquidation process regulations is treated as a clean slate sale once proceeds are distributed under section 53 of the Insolvency and Bankruptcy Code, 2016. Claims not submitted during CIRP or liquidation, and liabilities not disclosed in the sale notice, cannot later be imposed on the purchaser as past, contingent, or unpaid obligations. The document also notes that consequential reliefs may be required to extinguish remaining unpaid liabilities and past non-compliances so that the sale outcome is not undermined by belated claims and revival on a going-concern basis is preserved. en-us Fri, 25 Feb 2022 00:00:00 +0530 Tue, 01 Mar 2022 08:17:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418975 A going-concern sale of a corporate debtor in liquidation under the liquidation process regulations is treated as a clean slate sale once proceeds are distributed under section 53 of the Insolvency and Bankruptcy Code, 2016. Claims not submitted during CIRP or liquidation, and liabilities not disclosed in the sale notice, cannot later be imposed on the purchaser as past, contingent, or unpaid obligations. The document also notes that consequential reliefs may be required to extinguish remaining unpaid liabilities and past non-compliances so that the sale outcome is not undermined by belated claims and revival on a going-concern basis is preserved. Case-Laws Insolvency and Bankruptcy Fri, 25 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418975