The Income Tax Department filed an appeal challenging the order dated 11.10.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench, Cuttack) in IA (IBC) No.196/CB/2023 in CP (IB) No.249/CB/2020. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor M/s. Hariom Rice Mill Pvt. Ltd. commenced on 09.06.2021. No Resolution Plan was approved, leading to a Liquidation order by the Adjudicating Authority. The Appellant submitted their claim in Statutory Form-C to the Liquidator. The Liquidator informed the Appellant about the admission of their claim of Rs.1,35,64,98,726/-. Subsequently, an e-Auction was held by the Liquidator, and Rashik Bihari Food Pvt. Ltd. was declared the Successful Bidder. The Income Tax
…The Corporate Insolvency Resolution Process (CIRP) against Hariom Rice Mill Pvt. Ltd. commenced on 09.06.2021. No resolution plan was approved, leading to a liquidation order. The Income Tax Department, as a creditor, submitted a claim of Rs.1,35,64,98,726/-. An e-auction was conducted, and Rashik Bihari Food Pvt. Ltd. was declared the successful bidder. The Income Tax Department was informed that their claim would be considered as per the waterfall mechanism. Hariom Rice Mill Pvt. Ltd. sought permission from the Adjudicating Authority to conclude the liquidation as a going concern. The Adjudicating Authority issued directions regarding the treatment of carry forward losses under Section 79(2) of the Income Tax Act, 1961. The Income Tax Department filed an appeal
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Corporate Insolvency Resolution Process…
Letter of Intent (LoI) was issued to Rashik…
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The Income Tax Department filed an appeal challenging the order dated 11.10.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench, Cuttack) in IA (IBC) No.196/CB/2023 in CP (IB) No.249/CB/2020. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor M/s. Hariom Rice Mill Pvt. Ltd. commenced on 09.06.2021. No Resolution Plan was approved, leading to a Liquidation order by the Adjudicating Authority. The Appellant submitted their claim in Statutory Form-C to the Liquidator. The Liquidator informed the Appellant about the admission of their claim of Rs.1,35,64,98,726/-. Subsequently, an e-Auction was held by the Liquidator, and Rashik Bihari Food Pvt. Ltd. was declared the Successful Bidder. The Income Tax
…The Corporate Insolvency Resolution Process (CIRP) against Hariom Rice Mill Pvt. Ltd. commenced on 09.06.2021. No resolution plan was approved, leading to a liquidation order. The Income Tax Department, as a creditor, submitted a claim of Rs.1,35,64,98,726/-. An e-auction was conducted, and Rashik Bihari Food Pvt. Ltd. was declared the successful bidder. The Income Tax Department was informed that their claim would be considered as per the waterfall mechanism. Hariom Rice Mill Pvt. Ltd. sought permission from the Adjudicating Authority to conclude the liquidation as a going concern. The Adjudicating Authority issued directions regarding the treatment of carry forward losses under Section 79(2) of the Income Tax Act, 1961. The Income Tax Department filed an appeal
…Corporate Insolvency Resolution Process…
Letter of Intent (LoI) was issued to Rashik…
Sign in to view related legal provisions.