https://www.taxtmi.com/caselaws?id=311892 The NCLT Chennai disposed of an application seeking liquidation of a corporate debtor that had been sold as a going concern. The Tribunal held that since the corporate debtor was sold as a going concern to a successful bidder, dissolution was not required and the company continues to exist under the new ownership. The applicant was directed to constitute a board of directors per the Companies Act, 2013. Regarding stamp duty exemptions, tax concessions, and other reliefs sought, the Tribunal noted these matters were for relevant authorities to consider separately. The application was disposed of with these observations. en-us Mon, 08 Feb 2021 00:00:00 +0530 Fri, 19 Jan 2024 20:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311892 The NCLT Chennai disposed of an application seeking liquidation of a corporate debtor that had been sold as a going concern. The Tribunal held that since the corporate debtor was sold as a going concern to a successful bidder, dissolution was not required and the company continues to exist under the new ownership. The applicant was directed to constitute a board of directors per the Companies Act, 2013. Regarding stamp duty exemptions, tax concessions, and other reliefs sought, the Tribunal noted these matters were for relevant authorities to consider separately. The application was disposed of with these observations. Case-Laws Insolvency and Bankruptcy Mon, 08 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311892