The case involves multiple Criminal Original Petitions filed to quash criminal proceedings initiated by the Income Tax Department against Vasan Healthcare Pvt. Ltd. and its directors for alleged offences under the Income Tax Act, specifically related to undisclosed income during assessment years 2010-2011 to 2015-2016. An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s.Alcon Laboratories, before the NCLT, Chennai Bench. The company was admitted into the Corporate Insolvency Resolution Process (CIRP). The NCLT approved a resolution plan, and a new management took over the company. The quash petitions were filed based on Section 32A of the IBC, arguing that the corporate debtor's liability is extinguished after the
…M/s. Vasan Healthcare Pvt. Ltd. was prosecuted by the Income Tax Department for offences under the Income Tax Act, relating to undisclosed income during assessment years 2010-2011 to 2015-2016. The Income Tax Department filed complaints before the Additional Chief Metropolitan Magistrate (E.O.II) at Egmore, Chennai. An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s.Alcon Laboratories, before the NCLT, Chennai Bench. The NCLT admitted the company into the Corporate Insolvency Resolution Process (CIRP) and appointed an Interim Resolution Professional (IRP). The IRP filed an application under Section 30 of the IBC seeking approval of the resolution plan. The NCLT, Chennai, approved the resolution plan, and the IRP was
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Criminal proceedings initiated against the…
The company was admitted into the Corporate…
The case involves multiple Criminal Original Petitions filed to quash criminal proceedings initiated by the Income Tax Department against Vasan Healthcare Pvt. Ltd. and its directors for alleged offences under the Income Tax Act, specifically related to undisclosed income during assessment years 2010-2011 to 2015-2016. An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s.Alcon Laboratories, before the NCLT, Chennai Bench. The company was admitted into the Corporate Insolvency Resolution Process (CIRP). The NCLT approved a resolution plan, and a new management took over the company. The quash petitions were filed based on Section 32A of the IBC, arguing that the corporate debtor's liability is extinguished after the
…M/s. Vasan Healthcare Pvt. Ltd. was prosecuted by the Income Tax Department for offences under the Income Tax Act, relating to undisclosed income during assessment years 2010-2011 to 2015-2016. The Income Tax Department filed complaints before the Additional Chief Metropolitan Magistrate (E.O.II) at Egmore, Chennai. An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s.Alcon Laboratories, before the NCLT, Chennai Bench. The NCLT admitted the company into the Corporate Insolvency Resolution Process (CIRP) and appointed an Interim Resolution Professional (IRP). The IRP filed an application under Section 30 of the IBC seeking approval of the resolution plan. The NCLT, Chennai, approved the resolution plan, and the IRP was
…Criminal proceedings initiated against the…
The company was admitted into the Corporate…