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