The case involves an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking directions to the Assistant Commissioner of Income Tax (TDS) to defreeze the accounts of the corporate debtor, Kitply Industries Ltd. The Income Tax Department had frozen the accounts due to outstanding dues demanded by a letter dated 2017-04-26. The applicant argues that operating the bank account is necessary for the Corporate Insolvency Resolution Process (CIRP) and that the Income Tax Department cannot appropriate the funds without filing its claims.
Kitply Industries Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). The Income Tax Department froze Kitply Industries Ltd.'s bank accounts between January 2018 and April 2018 due to outstanding dues demanded in a letter dated 2017-04-26. The Resolution Professional (RP) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking directions to defreeze the accounts, arguing that operating the bank account is necessary for CIRP and that the Income Tax Department cannot appropriate funds without filing claims. The RP approached the NCLT Guwahati Bench for relief.
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The Income Tax Department issued a letter…
The Income Tax Department directed the freezing…
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The case involves an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking directions to the Assistant Commissioner of Income Tax (TDS) to defreeze the accounts of the corporate debtor, Kitply Industries Ltd. The Income Tax Department had frozen the accounts due to outstanding dues demanded by a letter dated 2017-04-26. The applicant argues that operating the bank account is necessary for the Corporate Insolvency Resolution Process (CIRP) and that the Income Tax Department cannot appropriate the funds without filing its claims.
Kitply Industries Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). The Income Tax Department froze Kitply Industries Ltd.'s bank accounts between January 2018 and April 2018 due to outstanding dues demanded in a letter dated 2017-04-26. The Resolution Professional (RP) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking directions to defreeze the accounts, arguing that operating the bank account is necessary for CIRP and that the Income Tax Department cannot appropriate funds without filing claims. The RP approached the NCLT Guwahati Bench for relief.
The Income Tax Department issued a letter…
The Income Tax Department directed the freezing…
Sign in to view related legal provisions.