Slump Sale definition

Slump Sale means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.

Slump Sale means sale of an undertaking on a going concern basis as defined under Section 2(42C) of the Income Tax Act, for a lump sum consideration without values being assigned to individual assets and liabilities;

Slump Sale means Slump Sale as defined under Section 2(42C) of the IT Act.

Examples of Slump Sale in a sentence

• Allied Silica Limited", confirming their intention to acquire the Undertaking of the Operational Creditor's Silica Plant at Cuddalore, Tamil Nadu on Slump Sale as a going concern in "as is where is" condition for a consideration of Rs. 123 Crores and authorises its officials to enter into a Business Transfer Agreement (from now on called as BTA).

• The Operational Creditor further submits that after due compliance and completion of the "Condition Precedent", relating to the transfer of Undertaking on Slump Sale, as provided for in Clause 4 of BTA, the Compliance notice was submitted to the Corporate Debtor on 04 June 2018, which was acknowledged by the Corporate Debtor.

• The Operational Creditor also contends that he sent an email communication dated 13 October 2018 to the Corporate Debtor, demanding their balance Slump Sale payment of Rs 58 Crores and expressed their displeasure in continuing the work contract given, after the consummation of the Slump Sale.

• The Adjudicating Authority misconceived the said provision of Income Tax Act, 1961 and in Clause 1.1.77 of BTA, which very specifically states that "Slump Sale" basis means the transfer of Undertaking by a company as a going concern in "as is where is" basis in the manner defined under Section 2(42C) of the Income Tax Act, 1961.

• Pursuant to Chapter 14A of the Listing Rules, the transaction contemplated under the First General Contracting Agreement constitutes a connected transaction of the Company.

More Definitions of Slump Sale

Slump Sale means the sale of an undertaking on a going concern basis as deAned under Section 2(42C) of the Income Tax Act, for a lump sum consideration without values being assigned to the individual assets and liabilities;

Slump Sale meanss sale of assets of the Company as mentioned in Regulation 32 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (As Amended). Slump sale of assets as mentioned in this Asset Sale Process Memorandum would be, on ‘as is where is basis’ and “No recourse” basis and the proposed sale does not entail transfer of title, except the title which the Company has on the assets as on date of the transfer, for a lump sum sale consideration without assigning value to individual assets, with an intension to commence the completion of power plant and start business activity after its acquisition.

Slump Sale means sale of an undertaking on a going concern basis, for a lump sum consideration without values

Slump Sale slump sale means the transfer of one or more assets as a result of the sale for a lump sum consideration without values being assigned to the individual assets in such sales.

Slump Sale means the transfer and vesting of the Transferred Undertaking of the Transferor Company into the Transferee Company on a going concern and “as-is-where-is” basis for a lump sum consideration, without values being assigned to the individual assets and liabilities in terms of Section 2(42C) of the Income Tax Act and to be implemented in terms of Part III of the Scheme;

Slump Sale means the transfer of ETP Undertaking of the Transferor Company to the Transferee Company as a going concern and “as- is-where-is” basis for a lump sum consideration, without values being assigned to the individual assets and liabilities, in terms of Chapter 2 of the Scheme.

Slump Sale means the transfer of the Transferred Business, pursuant to its sale as an inseparable whole, and as a going concern for a lump sum consideration without values being assigned to the individual assets and liabilities in accordance with the provisions of the applicable Laws, including but not limited to the provisions of Section 2(42C) of the Income Tax Act, 1961;