9911796707
TMI Blog2021 (11) TMI 193X X X X Extracts X X X X X X X X Extracts X X X X ..... the Liquidator and the Applicant/Corporate Debtor shall not be held liable to pay the same. Statutory dues - In relation to the waiver of payment of stamp duty, applicable statutory dues, taxes post purchase of corporate Debtor, it is settled position of law that there shall not be any exemption or waiver, unless provided under the Law and same shall be dealt by competent Authority in accordance with the relevant Law. Infusion as Equity - That upon purchase of Corporate Debtor as a going concern, the Auction purchaser by virtue of law shall be entitled to make allotment of shares and reconstitute board as he desires as per the provisions of the Companies Act, 2013 by following the procedure prescribed thereunder. This Adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration i.e., 19.07.2021 and consequent sale of the Corporate Debtor as a going concern, all the claims or demands made by, or liabilities or obligations owned or payable to any actual or potential creditors of the Corporate Debtor including the Government Dues (including but not limited to liabilities, interest and penalties, duties, etc. on account of income-tax, tax deduction at source, tax collection at source, G.S.T, C.G.S.T, custom duty, value added tax, service tax, wealth-tax, cess, DGFT dues, Power dues, Pollution control Board, Inspector factories, Mines license fee etc.) whether direct or indirect, whether admitted or not, due or contingent, asserted or unasserted, crystallized or uncrystallized, known or unknown, secured or u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of any provisions of any laws, rules, regulations, directions, circulars, notifications, guidelines, policies, licenses, approvals, consents or permissions in relation to any period prior to payment of the Sale Consideration and consequent sale of the Corporate Debtor and all consequences thereof shall be deemed to be extinguished. viii. Issue necessary directions to the Respondent (i) that all the existing shares of the Corporate Debtor shall be extinguished without any consideration, and rights and liabilities arising out of the same shall also be extinguished and (ii) fresh equity shares to the Applicant(s) of such value and such quantum as submitted by the Applicant(s) within a span of 6 months from the date of issuance of sale ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information of the Corporate Director to comply the applicable provisions of Companies Act, 2013 or SEBI (LODR) 2015 and waive all fees, fine penalties till date of commencement of trading of the Corporate Debtor. xiv. Issue necessary directions to the A.P. Stamps and Registration Dept. to exempt the Applicant(s) from payment of Stamp duty and Registration charges, as the same ought to be done by the Respondent out of the Sale Consideration. xv. Issue necessary directions that all substring consents, licenses approvals, entitlements, privileges whether under law, contract, lease or licenses granted in favour of the Corporate Debtor or to which the Corporate Debtor is entitled to shall, notwithstanding any provision to the contra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... OF A.P. Ltd., Visakhapatnam, or any other Central, State or Private Power supplier to provide fresh H.T. Connection in the name of the Corporate Debtor and not to insist for the old dues. xxi. Issue directions to Eastern Power Corporation of A.P. Ltd., Visakhapatnam restraining the former from demanding development charges from the Corporate Debtor to renew/revive the electricity connection in the name of the Corporate Debtor which already exists in the former name of the Corporate Debtor. xxii. Issue directions to the following agencies to renew/issue fresh Licenses/Approvals/Permissions without claiming any past dues for smooth starting of the unit. IBM (Indian Bureau of Mines), MDL (Mineral Dealer License), Apostate Pollution C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y:- That upon purchase of Corporate Debtor as a going concern, the Auction purchaser by virtue of law shall be entitled to make allotment of shares and reconstitute board as he desires as per the provisions of the Companies Act, 2013 by following the procedure prescribed thereunder. 8. Apart from above waivers, concessions as supra, this Adjudicating Authority is not entitled to grant any waiver or concession to any of the Auction purchaser, who purchases the Corporate Debtor as a going concern. 9. The auction purchaser may approach the respective authorities, who may consider the requests made by the applicant under the provisions of respective statutory provisions. 10. With the above, this IA stands disposed of. - - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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