https://www.taxtmi.com/caselaws?id=426477 In IBC liquidation, a purchaser of assets sold as a going concern is not automatically liable for the corporate debtor's pre-liquidation electricity dues. The liquidation framework is a complete code: the liquidator must deal with claims and distribute sale proceeds only under the statutory waterfall in Section 53, and liabilities carried forward in a going-concern sale are limited to those identified under the liquidation regulations. The Court held that the distribution licensee's dues do not create a charge on the debtor's assets, and an "as is where is" clause cannot override the Code. The demand for clearance of the erstwhile owner's dues as a condition for a fresh connection was unlawful. en-us Fri, 12 Aug 2022 00:00:00 +0530 Thu, 18 Aug 2022 08:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426477 In IBC liquidation, a purchaser of assets sold as a going concern is not automatically liable for the corporate debtor's pre-liquidation electricity dues. The liquidation framework is a complete code: the liquidator must deal with claims and distribute sale proceeds only under the statutory waterfall in Section 53, and liabilities carried forward in a going-concern sale are limited to those identified under the liquidation regulations. The Court held that the distribution licensee's dues do not create a charge on the debtor's assets, and an "as is where is" clause cannot override the Code. The demand for clearance of the erstwhile owner's dues as a condition for a fresh connection was unlawful. Case-Laws Insolvency and Bankruptcy Fri, 12 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426477