The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the Income Tax Department to release assessed Income Tax Refunds due to the Corporate Debtor, Gayatri Projects Ltd. The Resolution Professional (RP) requested the release of refunds for Assessment Years 2021-22 and 2022-23. Post CIRP commencement, Rs. 11,81,93,690 was adjusted against past demands. A further adjustment of Rs. 71,30,66,160 was proposed for A.Y. 2022-2023. The RP contended that these adjustments violated the moratorium under Section 14 of the IBC. Public announcement of CIRP commencement was made on 19.11.2022. The RP informed the Income Tax Department about the CIRP and the moratorium. The Corporate Debtor was eligible for an Income Tax
…Gayatri Projects Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP commenced on 2022-11-15. The Resolution Professional (RP) found that Gayatri Projects Ltd. was eligible for an Income Tax Refund of Rs. 56,54,62,472 for Assessment Year 2021-22. Out of this amount, Rs. 44,72,68,582 was related to the period prior to the commencement of CIRP, and Rs. 11,81,93,690 was related to the period post CIRP commencement. The Income Tax Department adjusted Rs. 11,81,93,690 against past demands for Assessment Years 2016-2017 and 2018-2019 after the commencement of CIRP. The Income Tax Department also proposed to adjust Rs. 71,30,66,160 for Assessment Year 2022-23 against past demands. The RP contended that these adjustments violated the moratorium imposed
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CIRP initiated…
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The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the Income Tax Department to release assessed Income Tax Refunds due to the Corporate Debtor, Gayatri Projects Ltd. The Resolution Professional (RP) requested the release of refunds for Assessment Years 2021-22 and 2022-23. Post CIRP commencement, Rs. 11,81,93,690 was adjusted against past demands. A further adjustment of Rs. 71,30,66,160 was proposed for A.Y. 2022-2023. The RP contended that these adjustments violated the moratorium under Section 14 of the IBC. Public announcement of CIRP commencement was made on 19.11.2022. The RP informed the Income Tax Department about the CIRP and the moratorium. The Corporate Debtor was eligible for an Income Tax
…Gayatri Projects Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP commenced on 2022-11-15. The Resolution Professional (RP) found that Gayatri Projects Ltd. was eligible for an Income Tax Refund of Rs. 56,54,62,472 for Assessment Year 2021-22. Out of this amount, Rs. 44,72,68,582 was related to the period prior to the commencement of CIRP, and Rs. 11,81,93,690 was related to the period post CIRP commencement. The Income Tax Department adjusted Rs. 11,81,93,690 against past demands for Assessment Years 2016-2017 and 2018-2019 after the commencement of CIRP. The Income Tax Department also proposed to adjust Rs. 71,30,66,160 for Assessment Year 2022-23 against past demands. The RP contended that these adjustments violated the moratorium imposed
…CIRP initiated…
Public announc…