The NCLT Mumbai bench of Ms. Reeta Kohli (Judicial Member) and Ms. Madhu Sinha (Technical Member) has held that in a sale of the corporate debtor in liquidation as a going concern, only assets are transferred and liabilities have to be discharged as per section 53 of the Code.
Brief Facts
The Present Application is preferred by the Applicant for seeking various concessions and reliefs in relation to the assets sold as going concern Corporate Debtor.
The Company Petition No. 1088 of 2020 was filed to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor i.e. Topsgrup Services and Solutions Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted…
