The case involves an application filed in the National Company Law Tribunal (NCLT), Guwahati Bench, concerning the Corporate Insolvency Resolution Process (CIRP) of Kitply Industries Ltd. The CIRP was initiated following an application by IDBI Bank under Section 7 of the Insolvency & Bankruptcy Code, 2016. After the admission of the application, an Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. The Income Tax Department (ITD) had frozen the bank accounts of Kitply Industries Ltd. for outstanding statutory dues, leading the Resolution Professional (RP) to request the ITD to defreeze the accounts to facilitate the CIRP. The ITD did not respond to these requests.
Kitply Industries Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by IDBI Bank under Section 7 of the Insolvency & Bankruptcy Code, 2016. An Interim Resolution Professional (IRP), Mr. Bijay Murmuria, was appointed, and a moratorium was declared. The Income Tax Department (ITD) had frozen the bank accounts of Kitply Industries Ltd. for outstanding statutory dues before the CIRP commencement. The RP requested the ITD to defreeze the accounts to facilitate the CIRP, citing Section 14 of the Code, which prohibits the continuation of proceedings against the corporate debtor during the moratorium. The ITD did not respond to the RP's requests. The last date of submission of proof of claims was fixed on 2018-05-16. The RP did not receive any
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The Insolvency &…
The Income Tax Department (ITD) made a…
The case involves an application filed in the National Company Law Tribunal (NCLT), Guwahati Bench, concerning the Corporate Insolvency Resolution Process (CIRP) of Kitply Industries Ltd. The CIRP was initiated following an application by IDBI Bank under Section 7 of the Insolvency & Bankruptcy Code, 2016. After the admission of the application, an Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. The Income Tax Department (ITD) had frozen the bank accounts of Kitply Industries Ltd. for outstanding statutory dues, leading the Resolution Professional (RP) to request the ITD to defreeze the accounts to facilitate the CIRP. The ITD did not respond to these requests.
Kitply Industries Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by IDBI Bank under Section 7 of the Insolvency & Bankruptcy Code, 2016. An Interim Resolution Professional (IRP), Mr. Bijay Murmuria, was appointed, and a moratorium was declared. The Income Tax Department (ITD) had frozen the bank accounts of Kitply Industries Ltd. for outstanding statutory dues before the CIRP commencement. The RP requested the ITD to defreeze the accounts to facilitate the CIRP, citing Section 14 of the Code, which prohibits the continuation of proceedings against the corporate debtor during the moratorium. The ITD did not respond to the RP's requests. The last date of submission of proof of claims was fixed on 2018-05-16. The RP did not receive any
…The Insolvency &…
The Income Tax Department (ITD) made a…