https://www.taxtmi.com/caselaws?id=427334 A liquidation purchaser who buys assets on an "as is where is" basis is not burdened with pre-auction dues once the creditor's claim has already been lodged with the liquidator and the sale proceeds have been distributed under the insolvency waterfall. The sale had been completed by full payment, issuance of the sale certificate and delivery of possession, and the realised amount was insufficient even for secured creditors. In that setting, fastening stale pre-sale liabilities on the purchaser would defeat the object of liquidation and the statutory distribution scheme. The challenge to transfer the property in the purchaser's name therefore failed, and the purchaser was not liable for the pre-auction dues. en-us Tue, 06 Sep 2022 00:00:00 +0530 Wed, 07 Sep 2022 06:46:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427334 A liquidation purchaser who buys assets on an "as is where is" basis is not burdened with pre-auction dues once the creditor's claim has already been lodged with the liquidator and the sale proceeds have been distributed under the insolvency waterfall. The sale had been completed by full payment, issuance of the sale certificate and delivery of possession, and the realised amount was insufficient even for secured creditors. In that setting, fastening stale pre-sale liabilities on the purchaser would defeat the object of liquidation and the statutory distribution scheme. The challenge to transfer the property in the purchaser's name therefore failed, and the purchaser was not liable for the pre-auction dues. Case-Laws Insolvency and Bankruptcy Tue, 06 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427334