The case involves two Interlocutory Applications (I.A. No. 2295 of 2024 and I.A. No. 2388 of 2024) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Gayatri Projects Limited (Corporate Debtor/CD). The applications are interlinked and connected, addressing issues related to tax demands raised against a Joint Venture (JV) in which the CD is a participant. The RP seeks reliefs including declaring certain orders and recovery proceedings as illegal due to violations of the IBC and setting aside an order rejecting the appeal preferred by the Corporate Debtor.
Gayatri Projects Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-11-15. The Resolution Professional (RP) was appointed on the same date. The Corporate Debtor (CD), along with RNS Infrastructure Limited (RNS) and Sadguru Infratech Private Limited (SIPL), entered into a Joint Venture Agreement dated 2016-11-29 under the name of Gayatri RNS SIPL JV. The CD was designated as the lead partner, with a 70% share of work, while RNS had 25% and SIPL had 5%. The Karnataka Neeravari Nigam Ltd. issued a tender on 2016-10-18 for a project involving survey, investigation, design, supply, installation, testing, and commissioning of a lift irrigation system. The JV emerged as the successful bidder and entered into an agreement with
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Karnataka Neeravari Nigam Ltd. issued a…
Gayatri Projects Limited (CD), RNS…
The case involves two Interlocutory Applications (I.A. No. 2295 of 2024 and I.A. No. 2388 of 2024) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Gayatri Projects Limited (Corporate Debtor/CD). The applications are interlinked and connected, addressing issues related to tax demands raised against a Joint Venture (JV) in which the CD is a participant. The RP seeks reliefs including declaring certain orders and recovery proceedings as illegal due to violations of the IBC and setting aside an order rejecting the appeal preferred by the Corporate Debtor.
Gayatri Projects Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-11-15. The Resolution Professional (RP) was appointed on the same date. The Corporate Debtor (CD), along with RNS Infrastructure Limited (RNS) and Sadguru Infratech Private Limited (SIPL), entered into a Joint Venture Agreement dated 2016-11-29 under the name of Gayatri RNS SIPL JV. The CD was designated as the lead partner, with a 70% share of work, while RNS had 25% and SIPL had 5%. The Karnataka Neeravari Nigam Ltd. issued a tender on 2016-10-18 for a project involving survey, investigation, design, supply, installation, testing, and commissioning of a lift irrigation system. The JV emerged as the successful bidder and entered into an agreement with
…Karnataka Neeravari Nigam Ltd. issued a…
Gayatri Projects Limited (CD), RNS…