The petitioner, SREI Infrastructure Finance Limited, filed a writ petition challenging notices issued by the Kolkata Municipal Corporation (KMC) that retrospectively enhanced the annual value of the petitioner's property, leading to increased property tax demands. The KMC's actions were taken despite the petitioner undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner argued that the KMC's claims were extinguished due to the approval of a resolution plan under the IBC.
SREI Infrastructure Finance Limited, the petitioner, is the owner of a property in Kolkata. The Kolkata Municipal Corporation (KMC) issued notices dated 04.06.2024, supplementary bills dated 16.06.2024, and a letter of intent and notice of demand dated 16.11.2024, retrospectively enhancing the annual value of the property from 2017. This resulted in increased property tax demands. The petitioner is a Non-Banking Financial Company (NBFC) and was undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The Reserve Bank of India (RBI) had superseded the Board of Directors and appointed an administrator. A resolution plan proposed by the National Asset Reconstruction Company Ltd. was approved by the Adjudicating
…Sign in to view the parties.
The Reserve Bank of India (RBI) superseded the…
The Learned Adjudicating Authority admitted…
The petitioner, SREI Infrastructure Finance Limited, filed a writ petition challenging notices issued by the Kolkata Municipal Corporation (KMC) that retrospectively enhanced the annual value of the petitioner's property, leading to increased property tax demands. The KMC's actions were taken despite the petitioner undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner argued that the KMC's claims were extinguished due to the approval of a resolution plan under the IBC.
SREI Infrastructure Finance Limited, the petitioner, is the owner of a property in Kolkata. The Kolkata Municipal Corporation (KMC) issued notices dated 04.06.2024, supplementary bills dated 16.06.2024, and a letter of intent and notice of demand dated 16.11.2024, retrospectively enhancing the annual value of the property from 2017. This resulted in increased property tax demands. The petitioner is a Non-Banking Financial Company (NBFC) and was undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The Reserve Bank of India (RBI) had superseded the Board of Directors and appointed an administrator. A resolution plan proposed by the National Asset Reconstruction Company Ltd. was approved by the Adjudicating
…The Reserve Bank of India (RBI) superseded the…
The Learned Adjudicating Authority admitted…