The case involves an application filed by the Resolution Professional seeking the withdrawal of an order of attachment of refund issued by the Income Tax Department against the Corporate Debtor, Surana Corporation Limited, under Section 281B of the Income Tax Act, 1961. The applicant also sought the release of a refund of Rs.4,20,76,684/- to the applicant.
The Resolution Professional filed an application to withdraw the Income Tax Department's attachment order on a refund due to Surana Corporation Limited, the Corporate Debtor. The refund amount is Rs.4,20,76,684/-. The Income Tax Department had issued the attachment order on 04.10.2018, valid for six months, expiring on 03.04.2019. Surana Corporation Limited is currently under liquidation. The Resolution Professional argued for the release of the refund to the Corporate Debtor's accounts. The relevance of these facts lies in the interplay between the attachment order, its expiry, the liquidation proceedings, and the need to release funds to the Corporate Debtor.
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The Income Tax…
The attachmen…
The case involves an application filed by the Resolution Professional seeking the withdrawal of an order of attachment of refund issued by the Income Tax Department against the Corporate Debtor, Surana Corporation Limited, under Section 281B of the Income Tax Act, 1961. The applicant also sought the release of a refund of Rs.4,20,76,684/- to the applicant.
The Resolution Professional filed an application to withdraw the Income Tax Department's attachment order on a refund due to Surana Corporation Limited, the Corporate Debtor. The refund amount is Rs.4,20,76,684/-. The Income Tax Department had issued the attachment order on 04.10.2018, valid for six months, expiring on 03.04.2019. Surana Corporation Limited is currently under liquidation. The Resolution Professional argued for the release of the refund to the Corporate Debtor's accounts. The relevance of these facts lies in the interplay between the attachment order, its expiry, the liquidation proceedings, and the need to release funds to the Corporate Debtor.
The Income Tax…
The attachmen…