The State Trading Corporation of India Limited (STC) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Spacevision Impex Private Limited (SIPL), seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the alleged default by SIPL in submitting 'C' Forms related to sales tax, leading to a demand, tax, and penalty under the Bombay Sales Tax Act and Central Sales Tax Act against STC. The application was filed due to the non-submission of C Forms by the corporate debtor, which prevented the applicant from claiming a concessional rate of tax, resulting in a higher tax liability.
The State Trading Corporation of India Limited (STC) filed an application against M/s Spacevision Impex Private Limited (SIPL) under Section 9 of the Insolvency and Bankruptcy Code, 2016. STC claimed that SIPL defaulted on its obligation to submit 'C' Forms related to sales tax for the assessment year 2004-2005. According to STC, it had supplied various commodities to SIPL during 2004-2005 and raised invoices. Due to SIPL's failure to submit the 'C' Forms, STC could not claim a concessional rate of sales tax, leading to a demand of Rs. 388,53,25,846/- by the assessing authority in 2009. STC filed appeals and obtained a stay order, making a part payment of Rs 75,00,000/- on 07.07.2016. STC issued legal notices to SIPL for the tax liability, but received no response. STC
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The State Trading Corporation of India Limited (STC) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Spacevision Impex Private Limited (SIPL), seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the alleged default by SIPL in submitting 'C' Forms related to sales tax, leading to a demand, tax, and penalty under the Bombay Sales Tax Act and Central Sales Tax Act against STC. The application was filed due to the non-submission of C Forms by the corporate debtor, which prevented the applicant from claiming a concessional rate of tax, resulting in a higher tax liability.
The State Trading Corporation of India Limited (STC) filed an application against M/s Spacevision Impex Private Limited (SIPL) under Section 9 of the Insolvency and Bankruptcy Code, 2016. STC claimed that SIPL defaulted on its obligation to submit 'C' Forms related to sales tax for the assessment year 2004-2005. According to STC, it had supplied various commodities to SIPL during 2004-2005 and raised invoices. Due to SIPL's failure to submit the 'C' Forms, STC could not claim a concessional rate of sales tax, leading to a demand of Rs. 388,53,25,846/- by the assessing authority in 2009. STC filed appeals and obtained a stay order, making a part payment of Rs 75,00,000/- on 07.07.2016. STC issued legal notices to SIPL for the tax liability, but received no response. STC
…Applicant supplied various commodities to the…
Memorandum of Understanding (MoU) was executed…