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2021 (6) TMI 940 - Tri - Insolvency and BankruptcyRevival of company - working of the Company as a going concern - adverse effect on release from the liquidation - Regulation 32 of the Liquidation Process Regulations - HELD THAT:- Since the Liquidator has already accepted the bid for ₹ 15.30 Crores and the auction sale of the Corporate Debtor as a going concern is completed on 18.03.2021, no specific order or ratification of the sale is required. The action of the Liquidator is in accordance with the relevant provisions of the Code and consequences thereof would follow according to law. Reiteration by the Tribunal is neither contemplated nor necessary - The promoters are permitted to restructure the Capital account as prayed for. The Liquidator shall distribute the sale proceeds as per Section 53 of the Code - since already the purchase consideration is paid by the Applicants, the Applicants shall not have any more liability as far as the debts of the Corporate Debtor are concerned. The existing share capital of the Corporate Debtor shall stand extinguished - the Applicants are required to approach the Authorities concerned for exemptions, if any, and the said Authorities will decide the issue in accordance with the law.
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