Sale of company as going concern in clean state freezes and extinguishes pre-sale dues; claims limited to Section 53 waterfall

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....The HC held that upon sale of the corporate debtor in liquidation as a going concern on a "clean state" basis, all pre-sale dues stand frozen and are extinguished, with creditors' entitlements confined to the Section 53 waterfall; accordingly liability of Petitioner No.1 for tax, interest and penalty for periods prior to the sale cannot be adjudicated outside the insolvency framework. The tax proceedings initiated against the petitioner for FY 2019-2020 were held to be impermissible, the impugned assessment/order was quashed, and the petition disposed of, confirming that a purchaser of the corporate debtor as a going concern is not saddled with antecedent liabilities.....