The bench found that as far as the ‘going concern’ sale in liquidation is concerned, there is a clear difference that only assets are transferred and the liabilities of the Corporate Debtor have to be settled in accordance with Section 53 of the Code
In a recent case, the Mumbai bench of the National Company Law Tribunal ( NCLT ) has held that only assets are transferred in a sale of the corporate debtor in liquidation as a going concern and liabilities have to be discharged as per section 53 of the Insolvency Bankruptcy Code ( IBC ), 2016…..
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