The case involves an application (I.A. 4149/2023) filed in a Corporate Insolvency Resolution Process (CIRP) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the defreezing of bank accounts belonging to the Corporate Debtor, M/s. Intec India Limited. The CIRP was initiated via Company Petition No. (IB) – 2432/(PB)/2019. The Resolution Professional (RP) discovered that the Corporate Debtor's bank accounts with ICICI Bank and Yes Bank were frozen due to orders from the Sales Tax Officer and execution proceedings, respectively. The RP requested the banks to defreeze the accounts to facilitate the CIRP.
The Corporate Debtor, M/s. Intec India Limited, is undergoing CIRP initiated via Company Petition No. (IB) – 2432/(PB)/2019. The Resolution Professional (RP), appointed after the CIRP commencement on 26.05.2023, discovered that the Corporate Debtor's bank accounts with ICICI Bank and Yes Bank were frozen. The ICICI Bank account was frozen by the Sales Tax Officer (Respondent No. 1) based on an order dated 18.06.2020. The Yes Bank account was attached on 31.05.2023, pursuant to execution proceedings related to Pearl International Tours and Travels Ltd. Vs Intec Capital Limited. The RP informed the banks about the CIRP and the moratorium under Section 14 of the IBC, requesting them to defreeze the accounts. The RP also filed an application before the Ld. ADJ-02 seeking
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Execution Proceedings pending before the Ld.…
Order by Sales Tax…
The case involves an application (I.A. 4149/2023) filed in a Corporate Insolvency Resolution Process (CIRP) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the defreezing of bank accounts belonging to the Corporate Debtor, M/s. Intec India Limited. The CIRP was initiated via Company Petition No. (IB) – 2432/(PB)/2019. The Resolution Professional (RP) discovered that the Corporate Debtor's bank accounts with ICICI Bank and Yes Bank were frozen due to orders from the Sales Tax Officer and execution proceedings, respectively. The RP requested the banks to defreeze the accounts to facilitate the CIRP.
The Corporate Debtor, M/s. Intec India Limited, is undergoing CIRP initiated via Company Petition No. (IB) – 2432/(PB)/2019. The Resolution Professional (RP), appointed after the CIRP commencement on 26.05.2023, discovered that the Corporate Debtor's bank accounts with ICICI Bank and Yes Bank were frozen. The ICICI Bank account was frozen by the Sales Tax Officer (Respondent No. 1) based on an order dated 18.06.2020. The Yes Bank account was attached on 31.05.2023, pursuant to execution proceedings related to Pearl International Tours and Travels Ltd. Vs Intec Capital Limited. The RP informed the banks about the CIRP and the moratorium under Section 14 of the IBC, requesting them to defreeze the accounts. The RP also filed an application before the Ld. ADJ-02 seeking
…Execution Proceedings pending before the Ld.…
Order by Sales Tax…