# In the matter of Indian Bank & Ors. vs. Anshul Gupta & Ors.

> NCLAT judgment dated 2025-07-08. Citation: TCN-2025-NCLAT-00299. The case involves two appeals filed by Indian Bank challenging orders dated 19.12.2024 passed…

- **Court:** NCLAT
- **Order date:** 8 Jul 2025
- **Citation:** TCN-2025-NCLAT-00299
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/indian-bank-ors-vs-anshul-gupta-ors-ebb9f8d8

## Summary

### Background

The case involves two appeals filed by Indian Bank challenging orders dated 19.12.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in I.A. No. 2481/2023 filed by the Indian Bank and I.A. No. 2074/2023 filed by the liquidator. The Adjudicating Authority dismissed I.A. No. 2481/2023 and allowed I.A. No. 2074/2023.

## Facts

CIRP of Topsgroup Services and Solutions Limited commenced on 19.02.2021 based on an application by Punjab National Bank (International) Limited.

Indian Bank filed its claim in ‘Form-C' for ₹38,85,25,615/- on 09.03.2021.

Indian Bank received ₹4,65,58,425.87/- on 08.06.2021 as Income Tax Refund in the corporate debtor's account.

The Resolution Professional (RP) requested Indian Bank to transfer the Income Tax Refund to the CIRP account between 07.10.2021 and 12.12.2021.

The RP filed I.A. No.2967/2021 on 16.12.2021 seeking a direction to Indian Bank to transfer the amount.

The Adjudicating Authority directed liquidation of the corporate debtor on 21.09.2022.

The Adjudicating Authority directed Indian Bank to transfer the amount to the liquidation account on 20.12.2022.

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## Issues and analysis

### Issue 1: Whether the Indian Bank was justified in not transferring the Income Tax Refund received in the …

**Ratio:** The appellate tribunal held that the Indian Bank was not justified in not transferring

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**Reasoning:** The amount was received during the CIRP process and belonged to the corporate debtor. The

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**Interpretation:** The moratorium under Section 14 of the IBC and Section 17 requires all assets

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**Application:** The Indian Bank was obligated to transfer the amount as directed by the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Indian…; Anshul…
- **Respondents:** Topsgroup…; Anshul Gupta,…
- **Other parties:** Punjab National…; Rajendra Karanmal…
- **Advocates:** Milan Sing…; Nikhil Kum…; +4 more

## Timeline

- **19.02.2021 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Topsgroup Services and…
- **09.03.2021 — Claim Fi…**: Indian Bank filed its claim in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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