The case originates from an application filed by the Resolution Professional (RP) of Kerala Housing Finance Limited, the Corporate Debtor (CD), under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP sought directions against the Principal Commissioner of Income Tax and the Assistant Commissioner of Income Tax to lift the attachment of the CD's bank accounts and reverse the amounts deducted. The RP's application was prompted by the Income Tax Department's actions of attaching and withdrawing funds from the CD's bank accounts, which impeded the RP's ability to manage the CD's affairs during the Corporate Insolvency Resolution Process (CIRP). The CIRP period was extended due to the COVID-19 pandemic, and the RP faced difficulties in procuring
…The Resolution Professional (RP) of Kerala Housing Finance Limited initiated Corporate Insolvency Resolution Process (CIRP). The RP faced difficulties in managing the Corporate Debtor's (CD) affairs due to the attachment and withdrawal of funds from the CD's bank accounts by the Assistant Commissioner of Income Tax and the Principal Commissioner of Income Tax. The Income Tax Department withdrew Rs. 5,15,98,285/- from the CD's bank account maintained with State Bank of India, Kaloor Branch, towards Income Tax/Wealth Tax/Interest/Penalty. The Income Tax Department also withdrew Rs. 1,07,316.50 from the CD's designated bank account without informing the RP. The RP requested the Income Tax Department to lift the attachment and reverse the withdrawn amounts, but no action
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Tribunal directed SEBI Recovery Officer to…
The Assistant Commissioner of Income Tax…
The case originates from an application filed by the Resolution Professional (RP) of Kerala Housing Finance Limited, the Corporate Debtor (CD), under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP sought directions against the Principal Commissioner of Income Tax and the Assistant Commissioner of Income Tax to lift the attachment of the CD's bank accounts and reverse the amounts deducted. The RP's application was prompted by the Income Tax Department's actions of attaching and withdrawing funds from the CD's bank accounts, which impeded the RP's ability to manage the CD's affairs during the Corporate Insolvency Resolution Process (CIRP). The CIRP period was extended due to the COVID-19 pandemic, and the RP faced difficulties in procuring
…The Resolution Professional (RP) of Kerala Housing Finance Limited initiated Corporate Insolvency Resolution Process (CIRP). The RP faced difficulties in managing the Corporate Debtor's (CD) affairs due to the attachment and withdrawal of funds from the CD's bank accounts by the Assistant Commissioner of Income Tax and the Principal Commissioner of Income Tax. The Income Tax Department withdrew Rs. 5,15,98,285/- from the CD's bank account maintained with State Bank of India, Kaloor Branch, towards Income Tax/Wealth Tax/Interest/Penalty. The Income Tax Department also withdrew Rs. 1,07,316.50 from the CD's designated bank account without informing the RP. The RP requested the Income Tax Department to lift the attachment and reverse the withdrawn amounts, but no action
…Tribunal directed SEBI Recovery Officer to…
The Assistant Commissioner of Income Tax…