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Liquidator has overriding right on company’s assets over tax department

In a case between the liquidator of S Kumars Nationwide Ltd and the revenue department, the principal bench of the National Company Law Tribunal in New Delhi ruled that the liquidator has overriding powers under the Insolvency and Bankruptcy Code to take over both movable and immovable assets of a corporate debtor and that the revenue department cannot attach the assets of a company in liquidation if the liquidator has already taken in account its tax dues 


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