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2021 (2) TMI 1368 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAISeeking for liquidation of the Corporate Debtor/Company in Liquidation - HELD THAT:- In the present instant, since the Corporate Debtor has been sold as a going Concern, the Liquidator approaching this Tribunal for dissolution of the Corporate Debtor does not arise. In the absence of the dissolution, the life of the Company is not extinguished and continues to survive, albeit, in the hands of the successful bidder viz., the Applicant herein. The Applicant is required to be aware of the above consequences and most of the reliefs as sought having been taken care of in terms and conditions of the Deed of Sale being the bargain between the parties and also taking into consideration the above position of law that the Corporate Debtor continues in existence and not dissolved. Further in relation to the constitution of the Board of Directors in Paragraph No. 21, it has been pointed out that it is open to the Applicant to constitute Board as per the Companies Act, 2013 and individuals concerned to act accordingly, since the Applicant has purchased the Unit as a going concern - However, in relation to exemption of Stamp Duty and Tax payment and other concessions, it has been observed that it is for the Authorities accordingly to consider the requests of the Applicant. Similarly, if any concessions or any exemptions are being sought by the Applicant herein, it is for the Authorities to consider the same. Application disposed off.
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