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2022 (6) TMI 823 - Tri - Insolvency and BankruptcySeeking direction to Respondent No.1 to assist the Applicant and take necessary steps in procuring Valid Factory License and Valid Fire NOC for the Corporate Debtor by making payments from the Sale Consideration received by the Applicant - seeking extinguishment of Property Tax/ Municipal Tax dues and Land Revenue Tax dues - HELD THAT:- While it is true that the facts of each case need to be seen on their own merit and preferably on a standalone basis, it is equally true that the main objective of the Code should not be lost sight of. In the instant case, the corporate debtor has been sold as a going concern and is well functioning , in that it is on its way to complete the projects left halfway by the previous management and is trying to turn the so called corporate debtor into a viable enterprise. Any past liabilities that are sought to be raised by R2 & R3 would burden the enterprise and may even push it back to the insolvency from which it has been successfully retracted by the Code. The liquidator had followed the complete algorithm as enshrined in the Code for carrying out the liquidation process, which included public announcement for invitation for the claims. Despite that R2 & R3 have not cared to lodge their claim, if any, before the liquidator and have not taken any steps to approach this Adjudicating Authority in good time to make any representation in this regard and therefore now they are estopped from raising the claims at this date. Application disposed off.
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