07/02/2023

Income Tax dues are Government dues and is Secured Creditor under IBC – Principal Commissioner of Income Tax Vs. M/s Assam Company India Ltd. – NCLAT New Delhi

In this case, the Appellants, Principal Commissioner of Income Tax placed demand of Income Tax for the Assessment Year 2013-14 & Assessment Year 2014-15 totaling to Rs. 16,20,25,953/- before the Resolution Professional and the claim was filed by Income Tax Department. The Appellants received as a full and final payment totalling to Rs. 1,20,23,691 which is not even 15% of the outstanding demand.
NCLAT held that the judgment passed by the Hon’ble Supreme Court in the case of State Tax Officer (1) Vs. Rainbow Papers Limited (2022) ibclaw.in 107 SC, the dues of the Appellants are ‘Government dues’ and they are Secured Creditors. Thus, the impugned order dated 10.02.2021 passed by the Adjudicating Authority is hereby set aside and the matter is remitted back to the Adjudicating Authority.

Income Tax dues are Government dues and is Secured Creditor under IBC – Principal Commissioner of Income Tax Vs. M/s Assam Company India Ltd. – NCLAT New Delhi Read Post »

Whether when an application is filed against a Personal Guarantor whether another Lender of same transaction can proceed against the Personal Guarantor by filing another application under Section 95 of IBC – Bhavesh Gandhi Vs. Central Bank of India – NCLAT New Delhi

NCLAT held that when an insolvency resolution process commences against the Personal Guarantor all creditors of the Personal Guarantor are taken care of in the proceedings under Chapter-III. The scheme of Code does not contemplate manifold applications against same Personal Guarantor by different lenders. Multiplicity of applications against same Personal Guarantor is not contemplated under Chapter III. When the insolvency resolution process commences against a Personal Guarantor, claims of all creditors are taken care of under the scheme of the Code. Further, it is held that creditors of the Personal Guarantors who are unable to file an application due to enforcement of moratorium under Section 96 can very well avail the benefit of period during which moratorium continues, hence, due to interim moratorium enforced by Section 96, the creditors like Central Bank of India and other creditors are in no manner prejudiced. If they have not filed any application during moratorium period, they have every right to file application and for computation of the period of limitation, period during which moratorium is in place is to be excluded.

Whether when an application is filed against a Personal Guarantor whether another Lender of same transaction can proceed against the Personal Guarantor by filing another application under Section 95 of IBC – Bhavesh Gandhi Vs. Central Bank of India – NCLAT New Delhi Read Post »

IBBI has nothing to do with the litigation between two parties i.e. Financial Creditor and Corporate Debtor, in order to challenge CIRP order by which the petition filed u/s 7 of IBC by the Financial Creditor has been dismissed for whatever reasons – Insolvency & Bankruptcy Board of India Vs. GTL Infrastructure & Ors. – NCLAT New Delhi

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IBBI has nothing to do with the litigation between two parties i.e. Financial Creditor and Corporate Debtor, in order to challenge CIRP order by which the petition filed u/s 7 of IBC by the Financial Creditor has been dismissed for whatever reasons – Insolvency & Bankruptcy Board of India Vs. GTL Infrastructure & Ors. – NCLAT New Delhi Read Post »

Whether after the commencement of the Corporate Insolvency Resolution Process (CIRP), the assessment under the Central Sales Tax (CST) Act can continue? – State of Odisha v. Sree Metaliks Ltd. – Orissa High Court

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Whether after the commencement of the Corporate Insolvency Resolution Process (CIRP), the assessment under the Central Sales Tax (CST) Act can continue? – State of Odisha v. Sree Metaliks Ltd. – Orissa High Court Read Post »

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