NCLAT says IBC Can Give Effect to a Going Concern Sale

Talwalkars Better Value Fitness Ltd. was sold as a going concern for ₹15 crore during liquidation. NCLAT held that the NCLT could grant consequential directions relating to shareholding, financial creditors, past liabilities and regulatory consequences where necessary to make the sale commercially workable. At the same time, reliefs not contemplated by the sale documents could not be granted as a general concession.