The case involves an application filed by the liquidator of JVL Agro Industries Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to defreeze the corporate debtor's current account and release the funds held within. The Income Tax Department had issued a notice under Section 226(3) of the Income Tax Act, 1961, to Punjab National Bank (Respondent No. 2) for payment of dues from the corporate debtor, leading to the freezing of the account. The CIRP was initiated on 25.07.2018, and a liquidator was appointed after no resolution plan was approved.
JVL Agro Industries Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2018-07-25. Mr. Abhishek Gupta was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Supriyo Kumar Chaudhuri as the Resolution Professional (RP). As no resolution plan was approved, the Adjudicating Authority ordered the liquidation of the Corporate Debtor on 2020-08-19, and the RP was appointed as the liquidator. The Corporate Debtor maintained a current account with Punjab National Bank (Respondent No. 2), holding Rs. 41,50,749,138/-. The Assistant Commissioner of Income Tax (Respondent No. 1) issued a notice on 2019-03-14 under Section 226(3) of the Income Tax Act, 1961, to Respondent No. 2, demanding payment of Rs. 1,97,32,200/-. This
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Corporate Insolvency Resolution Process (CIRP)…
Assistant Commissioner of Income Tax issued a…
The case involves an application filed by the liquidator of JVL Agro Industries Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to defreeze the corporate debtor's current account and release the funds held within. The Income Tax Department had issued a notice under Section 226(3) of the Income Tax Act, 1961, to Punjab National Bank (Respondent No. 2) for payment of dues from the corporate debtor, leading to the freezing of the account. The CIRP was initiated on 25.07.2018, and a liquidator was appointed after no resolution plan was approved.
JVL Agro Industries Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2018-07-25. Mr. Abhishek Gupta was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Supriyo Kumar Chaudhuri as the Resolution Professional (RP). As no resolution plan was approved, the Adjudicating Authority ordered the liquidation of the Corporate Debtor on 2020-08-19, and the RP was appointed as the liquidator. The Corporate Debtor maintained a current account with Punjab National Bank (Respondent No. 2), holding Rs. 41,50,749,138/-. The Assistant Commissioner of Income Tax (Respondent No. 1) issued a notice on 2019-03-14 under Section 226(3) of the Income Tax Act, 1961, to Respondent No. 2, demanding payment of Rs. 1,97,32,200/-. This
…Corporate Insolvency Resolution Process (CIRP)…
Assistant Commissioner of Income Tax issued a…