Transferor’s unfulfilled advance license obligations persist post-merger, does not extinguish Liabilities in Customs Duty: Madras HC [Read Order]
If the liabilities of the notice Company stood undischarged, the petitioner, as the successor of the business of the notice company and as the transferee company not only acquires the liabilities of the transferor company but also its assets
The Madras High Court ruled that the transferor’s unfulfilled obligations under an advance license, including liabilities related to customs duty, persist post-merger and are not extinguished, further holding that these obligations are transferred to and must be discharged by the transferee in cases of merger or amalgamation. In a case concerning the challenge of a…
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