The case involves an application (IA-1642/2021) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the revocation of a lien levied on the bank account of Automobiles Sterling (India) Private Limited (Corporate Debtor) by the Employees' Provident Fund Organisation (EPFO). The lien was based on an order of the EPFO. The CIRP was initiated against the Corporate Debtor via an application under Section 9 of the IBC filed by Adbridge Communications India Private Limited (Operational Creditor), which was admitted on 07.08.2019. A moratorium was declared, and Pankaj Kumar Singhal was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor on 30.12.2019, authorizing the
…Adbridge Communications India Private Limited initiated CIRP against Automobiles Sterling (India) Private Limited under Section 9 of IBC, which was admitted on 07.08.2019. Pankaj Kumar Singhal was appointed as the Interim Resolution Professional. The CoC decided to liquidate the Corporate Debtor on 30.12.2019. The liquidator discovered a lien imposed by the EPFO on the Corporate Debtor's bank account after the CIRP initiation. The EPFO's lien was based on an order dated 26.11.2019, for an amount of Rs. 4,25,983/-. The liquidator requested the EPFO to revoke the lien, but the EPFO refused, asserting that the dues were statutory. The EPFO submitted a claim for Rs. 4,96,988/-, including a penalty amount. The EPFO argued that the IBC deliberately keeps PF and Pension Fund
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Application under Section 9 of IBC filed by…
The Committee of…
The case involves an application (IA-1642/2021) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the revocation of a lien levied on the bank account of Automobiles Sterling (India) Private Limited (Corporate Debtor) by the Employees' Provident Fund Organisation (EPFO). The lien was based on an order of the EPFO. The CIRP was initiated against the Corporate Debtor via an application under Section 9 of the IBC filed by Adbridge Communications India Private Limited (Operational Creditor), which was admitted on 07.08.2019. A moratorium was declared, and Pankaj Kumar Singhal was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor on 30.12.2019, authorizing the
…Adbridge Communications India Private Limited initiated CIRP against Automobiles Sterling (India) Private Limited under Section 9 of IBC, which was admitted on 07.08.2019. Pankaj Kumar Singhal was appointed as the Interim Resolution Professional. The CoC decided to liquidate the Corporate Debtor on 30.12.2019. The liquidator discovered a lien imposed by the EPFO on the Corporate Debtor's bank account after the CIRP initiation. The EPFO's lien was based on an order dated 26.11.2019, for an amount of Rs. 4,25,983/-. The liquidator requested the EPFO to revoke the lien, but the EPFO refused, asserting that the dues were statutory. The EPFO submitted a claim for Rs. 4,96,988/-, including a penalty amount. The EPFO argued that the IBC deliberately keeps PF and Pension Fund
…Application under Section 9 of IBC filed by…
The Committee of…