https://www.taxtmi.com/caselaws?id=423009 A going-concern liquidation sale of a corporate debtor did not transfer liability for pre-CIRP and CIRP electricity dues to the successful auction purchaser. The auction notice and sale certificate did not impose past electricity liabilities on the buyer, and the supplier had already lodged its claims in liquidation. Pre-CIRP dues were treated as operational debt and electricity consumed during CIRP as insolvency process cost, both payable through the liquidation waterfall under the Insolvency and Bankruptcy Code, 2016. The supplier's contractual supply terms could not override the Code's overriding effect, so recovery had to be pursued through the insolvency claim process rather than against the purchaser. en-us Thu, 26 May 2022 00:00:00 +0530 Fri, 27 May 2022 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423009 A going-concern liquidation sale of a corporate debtor did not transfer liability for pre-CIRP and CIRP electricity dues to the successful auction purchaser. The auction notice and sale certificate did not impose past electricity liabilities on the buyer, and the supplier had already lodged its claims in liquidation. Pre-CIRP dues were treated as operational debt and electricity consumed during CIRP as insolvency process cost, both payable through the liquidation waterfall under the Insolvency and Bankruptcy Code, 2016. The supplier's contractual supply terms could not override the Code's overriding effect, so recovery had to be pursued through the insolvency claim process rather than against the purchaser. Case-Laws Insolvency and Bankruptcy Thu, 26 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423009