These appeals were filed against orders from the National Company Law Tribunal (NCLT), Mumbai Bench, directing the appellant to deposit unpaid Tax Deducted at Source (TDS) amounts. The ex-employees of the appellant had filed applications under Section 9 of the Insolvency and Bankruptcy Code (IBC) before the NCLT, claiming significant amounts. Other insolvency applications were also filed by other ex-employees. A settlement agreement was entered into between the appellant and the ex-employees, wherein it was agreed that upon receipt of the settlement amount, the ex-employees would withdraw their petitions. The settlement agreement also stipulated that the appellant would make payment of statutory dues, including TDS, directly to the relevant authorities, subject to the
…Several appeals were filed against orders of the NCLT, Mumbai, directing the appellant to deposit unpaid TDS. Ex-employees of the appellant filed Section 9 applications under the IBC, claiming significant amounts. Other insolvency applications were also filed. A settlement agreement was reached where ex-employees would withdraw petitions upon receiving settlement amounts. The agreement stipulated payment of statutory dues, including TDS, to relevant authorities, subject to income tax proceedings. The NCLT initially rejected an application for withdrawal, which was later overturned by the Supreme Court. After the settlement, the corporate debtor paid the settlement amount. However, the operational creditors' counsel stated that the TDS deducted from employees hadn't
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These appeals were filed against orders from the National Company Law Tribunal (NCLT), Mumbai Bench, directing the appellant to deposit unpaid Tax Deducted at Source (TDS) amounts. The ex-employees of the appellant had filed applications under Section 9 of the Insolvency and Bankruptcy Code (IBC) before the NCLT, claiming significant amounts. Other insolvency applications were also filed by other ex-employees. A settlement agreement was entered into between the appellant and the ex-employees, wherein it was agreed that upon receipt of the settlement amount, the ex-employees would withdraw their petitions. The settlement agreement also stipulated that the appellant would make payment of statutory dues, including TDS, directly to the relevant authorities, subject to the
…Several appeals were filed against orders of the NCLT, Mumbai, directing the appellant to deposit unpaid TDS. Ex-employees of the appellant filed Section 9 applications under the IBC, claiming significant amounts. Other insolvency applications were also filed. A settlement agreement was reached where ex-employees would withdraw petitions upon receiving settlement amounts. The agreement stipulated payment of statutory dues, including TDS, to relevant authorities, subject to income tax proceedings. The NCLT initially rejected an application for withdrawal, which was later overturned by the Supreme Court. After the settlement, the corporate debtor paid the settlement amount. However, the operational creditors' counsel stated that the TDS deducted from employees hadn't
…Application filed by…
Appellant entered into…