The appeal challenges an order dated 2023-09-13 by the National Company Law Tribunal (NCLT), New Delhi, which dismissed an application filed by the Liquidator. The application sought a direction for the Respondent to return Rs. 20,50,000 to the Corporate Debtor's account, arguing the amount belonged to the CD and couldn't be adjusted against the CD's outstanding demand for AY 2011-12.
The Corporate Debtor, Rathi Super Steel Limited, faced scrutiny under Section 148 of the Income Tax Act for AY 2011-12. An assessment completed on 2018-12-31 resulted in a demand of Rs. 37506040. The Corporate Debtor appealed but was required to pay 20% of the outstanding amount (Rs. 7501208). The Income Tax Department seized Rs. 20,50,000 in 2012. The Respondent adjusted Rs. 7501208 on 2019-03-31. The CIRP was initiated on 2019-06-12. The Liquidator filed an application seeking the return of Rs. 20,50,000, arguing it belonged to the Corporate Debtor and couldn't be adjusted against outstanding demands. The NCLT dismissed the application, and the Liquidator appealed to the NCLAT.
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The amount in question…
Assessment for A.Y.…
The appeal challenges an order dated 2023-09-13 by the National Company Law Tribunal (NCLT), New Delhi, which dismissed an application filed by the Liquidator. The application sought a direction for the Respondent to return Rs. 20,50,000 to the Corporate Debtor's account, arguing the amount belonged to the CD and couldn't be adjusted against the CD's outstanding demand for AY 2011-12.
The Corporate Debtor, Rathi Super Steel Limited, faced scrutiny under Section 148 of the Income Tax Act for AY 2011-12. An assessment completed on 2018-12-31 resulted in a demand of Rs. 37506040. The Corporate Debtor appealed but was required to pay 20% of the outstanding amount (Rs. 7501208). The Income Tax Department seized Rs. 20,50,000 in 2012. The Respondent adjusted Rs. 7501208 on 2019-03-31. The CIRP was initiated on 2019-06-12. The Liquidator filed an application seeking the return of Rs. 20,50,000, arguing it belonged to the Corporate Debtor and couldn't be adjusted against outstanding demands. The NCLT dismissed the application, and the Liquidator appealed to the NCLAT.
The amount in question…
Assessment for A.Y.…