NCLT Hyderabad allows auction purchaser's application, directing Ahmedabad Municipal Corporation to extinguish pre-sale property tax dues of Rs 12.47 lakh.
Tribunal orders municipal corporation to remove seal and restore possession of apartment purchased for Rs 35 lakh in Aster Pvt Ltd liquidation.
NCLT applies clean slate principle, ruling auction purchaser not liable for any pre-sale encumbrances including society dues of Rs 99,300.
Court affirms IBC's overriding effect over state municipal laws, protecting bona fide auction purchasers from historical liabilities of corporate debtor.