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TMI Blog2022 (6) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... : Ms. Urmila Chakraborty, Advocate For the Respondent Nos.2 & 3 : No representation ORDER Balraj Joshi, Member (Technical) 1. This is an application filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016 filed by the successful purchaser of the corporate debtor viz., Mr. Karnveer Singh Yadav Enterprises Private Limited (Successful Purchaser or Applicant) seeking the following reliefs: (a) Order be passed directing the 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; (b) Order be passed directing Respondents No.2 to extinguish Property Tax/ Municipa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es to this effect being given by this court and also by the applicant. The affidavit of service has been furnished by the applicant in this regard. 3. The applicant has prayed for grant of the reliefs sought failing which he will suffer irreparable loss , injury and prejudice. Brief facts of the case: 4. The corporate debtor was sent in to liquidation vide order dated 19.6.2019 by this Adjudicating Authority. Further the corporate debtor was sold as a going concern in accordance with Regulation 32 A of the IBBI (Liquidation process) Regulations 2016. Subsequently this Adjudicating Authority had vide order dated 13.8.2021 approved the MOU between the Liquidator and the applicant which inter-alia granted operational control to the success ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor, with all rights, titles and entitlements to the Corporate Debtor, free and clear of all encumbrances and/or liabilities, of any nature, whatsoever". 9. Further Para 9 of the sale certificate provides that : "The Corporate Debtor has been sold by the Liquidator to the purchaser without any existing encumbrances, whatsoever known to the Liquidator. However, the purchaser has conducted due diligence on all aspects related to the properties of the Corporate Debtor to his satisfaction. The purchaser shall not be entitled to make any claim against the Liquidator and Secured Creditor in this regard later. The Liquidator and the Secured Creditor shall not be responsible in any way for any third-party claims/ rights/ du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that he may have to face and provide for a plan, which apart from satisfying a part of such liabilities would also ensure, that the Corporate Debtor is revived and made a running establishment. The legislative intent of making the resolution plan binding on all the stake-holders after it gets the seal of approval from the Adjudicating Authority upon its satisfaction, that the resolution plan approved by CoC meets the requirement as referred to in subsection (2) of Section 30 is, that after the approval of the resolution plan, no surprise claims should be flung on the successful resolution applicant. The dominant purpose is that he should start with fresh slate on the basis of the resolution plan approved." 15. While it is true that the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prior to 11.08.2021 including but not limited to any past tax litigations/statutory dues such as income tax, TDS, TCS, GST, Custom Duty & Octroi Tax, Local Taxes, Entry Tax, Sales Tax, CST, VAT, Service Tax, Excise Duty, Property Tax, Cess, Penalty, DGFT dues etc. which relate to the period prior to 11.08.2021. All such liabilities of the Corporate Debtor and its Business Undertaking which relate to the period prior to 11.08.2021 shall be extinguished as also mentioned in MoU Dated 11.08.2021 entered between the Liquidator and the Purchaser and approved by National Company Law Tribunal, Kolkata bench on 13.08.2021.' 18. In the above conspectus and considering the urgency of the matter as brought out by the petitioner that he would not be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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