https://www.taxtmi.com/caselaws?id=760385 Pre-acquisition tax dues of a Gram Panchayat that were not lodged during the corporate insolvency resolution process or liquidation could not be recovered from an auction purchaser. The Bombay HC noted that the assets were sold in liquidation under the Insolvency and Bankruptcy Code, 2016, and the sale certificate stated that the transfer was free from encumbrances and levies. Because the creditor did not submit its claim despite public notices and the IBC framework requires claims to be invited, collated and adjudicated within the process, the prior-period dues stood extinguished and could not be enforced against the purchaser. The demand notices for tax dues before acquisition were therefore unsustainable. en-us Tue, 08 Oct 2024 00:00:00 +0530 Sun, 20 Oct 2024 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760385 Pre-acquisition tax dues of a Gram Panchayat that were not lodged during the corporate insolvency resolution process or liquidation could not be recovered from an auction purchaser. The Bombay HC noted that the assets were sold in liquidation under the Insolvency and Bankruptcy Code, 2016, and the sale certificate stated that the transfer was free from encumbrances and levies. Because the creditor did not submit its claim despite public notices and the IBC framework requires claims to be invited, collated and adjudicated within the process, the prior-period dues stood extinguished and could not be enforced against the purchaser. The demand notices for tax dues before acquisition were therefore unsustainable. Case-Laws IBC Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760385