Ai Champday Industries Ltd vs Official Liquidator & Anr

The Supreme Court held that a purchaser of assets in liquidation is liable for property tax arrears prior to the date of sale, as per the terms 'as is where is basis' which includes all encumbrances. The Court emphasized that it is the purchaser's responsibility to investigate any liabilities attached to the assets before bidding. The appeal was dismissed, affirming the lower court's decision that the municipality's claim for property tax must be honored by the purchaser, referencing Sections 529 and 529A of the Companies Act, 1956.